Prospectus UNIQA Insurance Group AG Tier 2 Notes

Prospectus dated 6 July 2020

UNIQA Insurance Group AG (a stock corporation incorporated under the laws of the Republic of Austria)

EUR 200,000,000 subordinated fixed to floating rate notes due 2035 ISIN XS2199567970, Common Code 219956797 Issue price: 99.507 per cent

UNIQA Insurance Group AG (the "Issuer") will issue on 9 July 2020 (the "Issue Date") EUR 200,000,000 subordinated fixed to floating rate notes due 2035 in the specified denomination of EUR 100,000 each (the "Specified Denomination") (the "Notes").

The Notes will be governed by the laws of the Federal Republic of Germany ("Germany").

The Notes will bear interest from and including the Issue Date to but excluding 9 October 2025 (the "First Reset Date") at a rate of 3.25 per cent. per annum, scheduled to be paid annually in arrear on 9 October in each year, commencing on 9 October 2020. Thereafter, unless previously redeemed, the Notes will bear interest at a rate equal to the 3-months EURIBOR, (being the Euro-zone interbank offered rate for three-month Euro deposits) plus 3.7% per annum (the "Initial Credit Spread"), scheduled to be paid quarterly in arrear on 9 January, 9 April, 9 July and 9 October in each year (each a "Floating Interest Payment Date"), commencing on 9 January 2026. As of each Floating Interest Payment Date falling 10 years after the Issue Date, unless previously redeemed, the Notes will bear interest per annum at a rate equal to the 3-months EURIBOR, plus the Initial Credit Spread plus 1 per cent. per annum (the "Margin"). Under certain circumstances described in §3(4)(d) of the Terms and Conditions of the Notes (the "Terms and Conditions") certain benchmark replacement provisions will apply in case the 3-months EURI- BOR (or a successor benchmark) used as a reference for the calculation of interest amounts payable under the Notes were to be discontinued or otherwise unavailable. Under certain circumstances described in the Terms and Condi- tions, interest payments on the Notes may be deferred at the option of the Issuer or will be required to be deferred.

The Notes are scheduled to be redeemed at their Specified Denomination on 9 October 2035 (the "Scheduled Ma- turity Date"), provided that on such date the Conditions to Redemption and Repurchase (as defined in the Terms and Conditions) are fulfilled. If this is not the case, the Notes will be redeemed only in the circumstances described in the definition of the term Final Maturity Date (as defined in the Terms and Conditions) on the Final Maturity Date. Under certain circumstances described in § 4 of the Terms and Conditions, the Notes may be subject to early redemption. This includes that under certain circumstances the Issuer may call the Notes for early redemption (in whole but not in part) for the first time with effect as of the First Call Date and on each Floating Interest Payment Date thereafter.

The Notes will initially be represented by a temporary global note in bearer form (each a "Temporary Global Note"). Interests in the Temporary Global Note will be exchangeable, in whole or in part, for interests in a permanent global note (each a "Permanent Global Note" and together with the Temporary Global Notes, each a "Global Note") not earlier than 40 days after the Issue Date (the "Exchange Date"), upon certification as to non-U.S. beneficial ownership. The Global Notes will be deposited with a common depositary for Clearstream Banking S.A. and Euroclear Bank SA/NV (together, the "Clearing System").

This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 6(3) of Regulation (EU) No 2017/1129 of the European Parliament and of the Council of 14 June 2017 (as amended, the "Prospectus Regulation") and is drawn up in accordance with Annexes 7 and 15 of Commission Delegated Regulation (EU) No 2019/980 of 14 March 2019 supplementing the Prospectus Regulation. This Prospectus will be published in electronic form together with all documents incorporated by reference on the website of the Issuer (https://www.uniqagroup.com/gruppe/versicherung/investor-relations/Anleihen.en.html).

This Prospectus will be valid until 10 July 2020. Application has been made to the Vienna Stock Exchange for the Notes to be listed on the official market (Amtlicher Handel) (the "Official Market") of the Vienna Stock Exchange (Wiener Börse) and to be admitted to trading on the Vienna Stock Exchange's Official Market. The Vienna Stock Exchange's Official Market is a regulated market for the purposes of Directive 2014/65/EU of the European Parlia- ment and of the Council of 15 May 2014 on markets in financial instruments (as amended, "MiFID II"). This Pro- spectus does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes in any jurisdiction where such offer or solicitation is unlawful.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and subject to certain exceptions, the Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons.

This Prospectus has been approved by the Austrian Financial Market Authority (Finanzmarktaufsichts- behörde, the "FMA") in its capacity as competent authority under the Prospectus Regulation and pursuant to the Capital Market Act 2019. The accuracy of the information contained in this Prospectus does not fall within the scope of examination by the FMA. The FMA examines and approves this Prospectus only in respect of its completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer and the quality of the Notes that are the subject of this Prospectus.

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA") or the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regula- tion (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPs Regulation. Prospective purchasers of the Notes should ensure that they understand the nature of the Notes and the extent of their exposure to risks and that they consider the suitability of the Notes as an investment in the light of their own circumstances and financial condition. Investing in the Notes involves certain risks. Please review the section entitled "Risk Factors" beginning on page 1 of this Prospectus. If any of these risks materialises, investors may lose all or a very substantial part of their investment and of their interest claims. The Notes should be purchased and traded only by persons knowledgeable in investment matters.

Following the First Reset Date, amounts payable under the Notes are calculated by reference to the 3-months EU- RIBOR ("EURIBOR"), which is provided by the European Money Market Institute ("EMMI"). As at the date of this Prospectus, EMMI appears on the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority ("ESMA") pursuant to Article 36 of the Benchmark Regulation (Regu- lation (EU) 2016/1011) (the "Benchmark Regulation").

Joint Lead Managers

HSBC J.P. Morgan Raiffeisen Bank International

RESPONSIBILITY STATEMENT

This Prospectus (the "Prospectus") comprises information with regard to UNIQA Insurance Group AG (the "Issuer" or the "Company") and its consolidated subsidiaries (the "Subsidiaries") taken as a whole (together the "UNIQA Group" or the "Group") and the Notes.

The Issuer, having its registered office at Untere Donaustraße 21, 1029 Vienna, Austria, accepts responsibility for the information contained in this Prospectus and hereby declares that the information contained in this Prospectus is, to the best of the knowledge of the Issuer, in accordance with the facts and that this Prospectus makes no omission likely to affect its import.

NOTICE

No person is authorised to give any information or to make any representation other than those contained in this Prospectus and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Issuer or HSBC Bank plc, J.P. Morgan Securities plc and Raiffeisen Bank International AG (together, the "Joint Lead Managers").

This Prospectus should be read and understood in conjunction with any supplement hereto and with all documents incorporated herein or therein by reference.

The legally binding language of this Prospectus is English. Any part of the Prospectus in German language constitutes a translation, except for the Terms and Conditions in respect of which German is the legally binding language.

In this Prospectus, all references to "€", "EUR" or "Euro" are to the currency introduced at the start of the third stage of the European economic and monetary union, and as defined in Article 2 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the Euro, as amended. References to "billions" are to thousands of millions.

Each investor contemplating purchasing any Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. This Prospectus does not constitute an offer of Notes or an invitation by or on behalf of the Issuer or the Joint Lead Managers to purchase any Notes. Neither this Prospectus nor any other information supplied in connection with the Notes should be considered as a recommendation by the Issuer or the Joint Lead Managers to a recipient hereof and thereof that such recipient should purchase any Notes.

This Prospectus reflects the status as at its date. The offering, sale and delivery of the Notes and the distribution of the Prospectus may not be taken as an implication that the information contained herein is accurate and complete subsequent to the date hereof or that there has been no adverse change in the financial condition of the Issuer since the date hereof.

To the extent permitted by the laws of any relevant jurisdiction, none of the Joint Lead Managers, any of its affiliates or any other person mentioned in the Prospectus, except for the Issuer, accepts responsibility for the accuracy and completeness of the information contained in this Prospectus or any other document(s) incorporated by reference and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accept any responsibility for the accuracy and completeness of the information contained in any of these documents. The Joint Lead Managers have not independently verified any such information and accept no responsibility for the accuracy thereof. This applies equally to the suitability of the Notes to fulfil environmental and/or sustainability criteria required by any prospective purchasers of the Notes. The Joint Lead Managers have not undertaken, nor are responsible for, any assessment of the Eligibility Criteria (as defined in "Use of Proceeds"), any verification of whether the Eligible Green Assets (as defined in "Use of Proceeds") meet the Eligibility Criteria or the monitoring of the use of proceeds.

This Prospectus is a listing prospectus and does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation.

The distribution of this Prospectus and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required to inform themselves about and to observe any such restrictions. For a description of the restrictions see the section "Subscription and Sale of the Notes – Selling Restrictions" below. In particular, the Notes have not been and will not be registered under the Securities Act and are subject to United States tax law requirements. Subject to certain exceptions, the Notes may

- iii -

not be offered, sold or delivered within the United States of America or to U.S. persons as defined in Regulation S under the Securities Act ("Regulation S").

The Notes issued pursuant to this Prospectus are complex financial instruments and are not a suitable or appropriate investment for all investors. In some jurisdictions, regulatory authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of securities such as the Notes to retail investors.

For the avoidance of doubt the content of any website referred to in this Prospectus does not form part of this Pro- spectus and the information on such websites has not been scrutinised or approved by the FMA as competent authority under the Prospectus Regulation.

MIFID II PRODUCT GOVERNANCE / TARGET MARKET: PROFESSIONAL INVESTORS AND ECPS ONLY

Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

PRIIPS REGULATION / PROSPECTUS REGULATION / PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORS

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by the PRIIPs Regulation for offering or selling the Notes or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPs Regulation.

Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or accepting an offer to purchase, any Notes (or any beneficial interests therein) from the Issuer and/or the Joint Lead Managers the foregoing representations, warranties, agreements and undertakings will be given by and be binding upon both the agent and its underlying client.

SINGAPORE SECURITIES AND FUTURES ACT PRODUCT CLASSIFICATION

In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the "SFA") and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are 'prescribed capital markets products' (as defined in the CMP Regulations 2018) and Excluded Invest- ment Products (as defined in the Monetary Authority of Singapore ("MAS") Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

BENCHMARK REGULATION: STATEMENT ON REGISTRATION OF BENCHMARK AD- MINISTRATOR

Following the First Reset Date, amounts payable under the Notes are calculated by reference to the EURIBOR, which is provided by the EMMI. As at the date of this Prospectus, EMMI appears on the register of administrators and benchmarks established and maintained by ESMA pursuant to Article 36 of the Benchmark Regulation.

STABILISATION

IN CONNECTION WITH THE ISSUE OF THE NOTES, RAIFFEISEN BANK INTERNATIONAL AG (THE "STABILISING MANAGER") (OR ANY PERSON ACTING ON BEHALF OF ANY STABILISING MANAGER) MAY OVER-ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING

- iv -

THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, STABILISATION MAY NOT NECESSARILY OCCUR. ANY STABILISATION AC- TION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY CEASE AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES. ANY STABILISATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE STABILISING MANAGER (OR ANY PERSON ACT- ING ON BEHALF OF THE STABILISING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.

ROUNDING ADJUSTMENTS

The numerical information set forth in this Prospectus has been rounded for ease of presentation. Accordingly, in certain cases, the sum of the numbers or percentages in a column in a table may not conform to the total figure given for that column. In addition, certain figures in this document have been rounded to the nearest whole number or to one decimal place.

FORWARD-LOOKING STATEMENTS

This Prospectus contains certain forward-looking statements, including statements using the words "believes", "an- ticipates", "intends", "expects" or other similar terms. This applies in particular to statements under the caption "De- scription of the Issuer and the UNIQA Group and statements elsewhere in this Prospectus relating to, among other things, the future financial performance, plans and expectations regarding developments in the business of the Issuer and the UNIQA Group.

These forward-looking statements are based on current estimates and assumptions that the Issuer makes to the best of its present knowledge. These forward-looking statements are, furthermore, subject to risks, uncertainties and other factors which could cause the actual results, including the financial position and profitability of the Issuer and the UNIQA Group, to be materially different from or worse than those expressed or implied by these forward-looking statements. Accordingly, investors are strongly advised to review the section entitled "Risk Factors" which includes more detailed descriptions of factors that might have an impact on the Group's business and the markets in which it operates. Neither the Issuer nor each of the Joint Lead Managers do assume any obligation to update such forward- looking statements and to adapt them to future events or developments.

ALTERNATIVE PERFORMANCE MEASURES

Certain terms used in this Prospectus and financial measures as well as financial ratios presented in this Prospectus, including financial measures and financial ratios presented in the documents incorporated by reference are not recognised financial measures under International Financial Reporting Standards as adopted by the European Union ("IFRS") ("Alternative Performance Measures") and may therefore not be considered as an alternative to the financial measures defined in the accounting standards in accordance with generally accepted accounting principles. The Issuer has provided these Alternative Performance Measures because it believes they provide investors, securities analysts and other interested parties with additional information to assess the operating performance and financial standing of the Group's business activities. The definition of the Alternative Performance Measures may vary from the definition of identically named alternative performance measures used by other companies. The Alternative Performance Measures of the Group presented by the Issuer should not be considered as an alternative to measures of operating performance or financial standing derived in accordance with IFRS. These Alternative Performance Measures have limitations as analytical tools and should not be considered in isolation or as substitutes for the analysis of the consolidated results or liabilities as reported under IFRS.

For further information, please see "Description of the Issuer and the Group - Financial year, auditors and Alterna- tive Performance Measures".

- v -

TABLE OF CONTENTS

RESPONSIBILITY STATEMENT ...... iii

NOTICE ...... iii

MIFID II PRODUCT GOVERNANCE / TARGET MARKET: PROFESSIONAL INVESTORS AND ECPS ONLY ...... iv

PRIIPS REGULATION / PROSPECTUS REGULATION / PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORS ...... iv

SINGAPORE SECURITIES AND FUTURES ACT PRODUCT CLASSIFICATION ...... iv

BENCHMARK REGULATION: STATEMENT ON REGISTRATION OF BENCHMARK ADMINISTRATOR ...... iv

STABILISATION ...... iv

ROUNDING ADJUSTMENTS ...... v

FORWARD-LOOKING STATEMENTS ...... v

ALTERNATIVE PERFORMANCE MEASURES ...... v

I. RISK FACTORS...... 1

1. RISKS RELATING TO THE GROUP ...... 1

1.1. Financial and Investment Risk ...... 1

1.2. Business Risks ...... 3

1.3. Risks relating to regulatory and other legal matters ...... 7

2. RISKS RELATING TO THE ISSUER ...... 9

3. RISKS RELATING TO THE NOTES ...... 9

3.1. Risks associated with the characteristics of the Notes ...... 9

3.2. Risks associated with the ability of the Issuer to make payments when due and the decrease of the creditworthiness of the Group ...... 15

3.3. Risks associated with notes with a specific green use of proceeds ...... 15

II. TERMS AND CONDITIONS OF THE NOTES ...... 17

III. USE OF PROCEEDS ...... 55

IV. DESCRIPTION OF THE ISSUER AND THE UNIQA GROUP ...... 56

1. FORMATION, REGISTERED OFFICE AND DURATION ...... 56

2. CORPORATE OBJECT OF THE ISSUER ...... 56

3. FINANCIAL YEAR, AUDITORS AND ALTERNATIVE PERFORMANCE MEASURES 56

3.1. Certain key figures and financial ratios of the Group ...... 56

3.2. Gross written premium (GWP) ...... 57

3.3. Solvency capital requirement – SCR-ratio (in per cent) ...... 58

3.4. Net cost ratio (NCR) ...... 59

3.5. Return on equity (RoE) ...... 60

3.6. Combined Ratio (COR)...... 61

4. BUSINESS DESCRIPTION ...... 62

4.1. Overview ...... 62

4.2. Key markets ...... 63

4.3. Products and Services ...... 64

4.4. Distribution channels ...... 66

5. MAJOR SUBSIDIARIES AND ORGANISATIONAL STRUCTURE...... 66

6. MANAGEMENT AND ADMINISTRATIVE BODIES OF THE ISSUER ...... 68

6.1. Members of the Management Board ...... 68

6.2. Conflicts of Interest of members of the Management Board ...... 70

6.3. Members of the Supervisory Board...... 70

6.4. Conflicts of Interest of the Supervisory Board ...... 73

6.5. Committees of the Supervisory Board of the Issuer ...... 73

6.6. Corporate Governance Code ...... 74

7. SHARE CAPITAL MAJOR SHAREHOLDERS AND DIVIDENDS ...... 74

7.1. Dividends ...... 74

8. INVESTMENT STRATEGY AND PRINCIPAL INVESTMENTS ...... 75

9. RISK MANAGEMENT ...... 76

10. SOLVENCY II AND OWN FUNDS ...... 77

11. LITIGATION AND PROCEEDINGS ...... 78

12. MATERIAL CONTRACTS ...... 79

13. RECENT EVENTS, TRENDS AND OUTLOOK ...... 79

13.1. AXA Acquisition ...... 79

13.2. Intra-Group Restructuring ...... 80

13.3. COVID-19 pandemic ...... 80

V. WARNING REGARDING TAXATION ...... 82

1. TAXATION IN AUSTRIA ...... 82

1.1. General remarks ...... 82

1.2. Austrian resident individuals holding the Notes as non-business assets...... 82

1.3. Austrian resident individuals holding the Notes as business assets ...... 83

1.4. Austrian resident corporations and private foundations ...... 84

1.5. Non-Austrian resident individuals...... 84

1.6. Non-Austrian resident corporations ...... 84

1.7. Other taxes ...... 84

VI. SUBSCRIPTION AND SALE OF THE NOTES ...... 86

1. GENERAL ...... 86

2. SELLING RESTRICTIONS ...... 86

2.1. General ...... 86

2.2. European Economic Area ...... 86

2.3. United States of America and its territories...... 87

2.4. United Kingdom ...... 87

2.5. Singapore ...... 87

2.6. Hong Kong ...... 88

2.7. Italy ...... 88

2.8. Japan ...... 89

2.9. Switzerland ...... 89

VII. GENERAL INFORMATION ...... 90

1. AUTHORISATIONS ...... 90

2. EXPENSES OF THE ISSUE ...... 90

3. CLEARING SYSTEMS...... 90

4. LISTING AND ADMISSION TO TRADING ...... 90

5. NOTICES TO NOTEHOLDERS ...... 90

6. DOCUMENTS ON DISPLAY ...... 90

7. THIRD PARTY INFORMATION ...... 90

8. YIELD ...... 91

9. RATINGS ...... 91

10. LEGAL ENTITY IDENTIFIER (THE "LEI"): ...... 91

11. NOTES WITH A SPECIFIC GREEN USE OF PROCEEDS ...... 91

VIII. DOCUMENTS INCORPORATED BY REFERENCE ...... 93

1. TRANSLATIONS EXTRACTED FROM: IFRS AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE ISSUER 2019 AND THE RESPECTIVE INDEPENDENT AUDITOR'S OPINION ...... 93

2. TRANSLATIONS EXTRACTED FROM: IFRS AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE ISSUER 2018 AND THE RESPECTIVE INDEPENDENT AUDITOR'S OPINION ...... 93

3. IFRS UNAUDITED CONSOLIDATED Q 1 2020 FINANCIAL INFORMATION OF THE ISSUER ...... 94

I. RISK FACTORS

The Issuer believes that the factors described below which are specific to its business represent the principal risks inherent in investing into the Notes as at the date of this Prospectus. If any or a combination of these risks actually occurs, the business, prospects, shareholders' equity, net assets, financial condition and results of operations (Ver- mögens-, Finanz- und Ertragslage) or general affairs of the Issuer and its Subsidiaries (each a "Subsidiary" and together with the Issuer, the "Group") could be materially and adversely affected. This could result in the Issuer being unable to pay interest, principal or other amounts on or in connection with the Notes or materially and adversely affect the trading price of the Notes in which case holders of the Notes could lose all or part of their investment.

Prospective investors should note that the risks summarised in this section are the risks that the Issuer believes to represent the principal risks inherent in investing into the Notes, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the Notes may occur for other reasons which may not be considered significant risks by the Issuer based on information currently available to it or which the Issuer may not currently be able to anticipate.

As the risks which the Issuer faces relate to events and depend on circumstances that may or may not occur in the future, prospective investors should also read the detailed information set out elsewhere in this Prospectus (including any documents which are incorporated by reference herein) and form their own views prior to making any investment decision.

The following risk factors are organized in categories depending on their respective nature. In each category the most material risk factors, based on the probability of their occurrence and the expected magnitude of their negative impact, are mentioned first. Unless expressly indicated otherwise in the relevant risk factor, risks summarized below for the Group are equally specific to the Issuer as the Group's ultimate parent.

Capitalised terms used in this section have the definitions ascribed to them in the Terms and Conditions of the Notes, as appropriate, unless otherwise defined in this Prospectus.

1. RISKS RELATING TO THE GROUP

1.1. Financial and Investment Risk

A downturn in global financial markets and economic conditions including from pandemics, epidemics, outbreaks of infectious diseases or any other serious public health concerns, in particular with regard to COVID-19 could adversely affect the value of the Group's investment portfolio and its financial results

The value of the Group's investments and its financial results are adversely affected by negative impacts on the global economy and global financial markets including from pandemics, epidemics, outbreaks of infectious diseases or any other serious public health concerns. Beginning in December 2019, a new strain of the coronavirus ("COVID- 19") has spread rapidly throughout the world, including in Europe, where the Group generates most of its revenues. This pandemic and associated governmental responses have led to an economic downturn globally, volatility in the financial markets, high unemployment rates and have adversely affected consumer spending levels.

As a result, in the first quarter of 2020 the Group reported negative earnings before taxes of EUR 13.9 mn resulting mainly from a 11.7% decrease in investment income results caused by impairments on equities reduced trading results of financial assets and reserves for claims or events that have transpired but have not yet been reported, ("IBNR") of EUR 37.5 mn for expected COVID-19 claims. Further effects unrelated to COVID-19 included a reduced at-equity value in the shareholding in STRABAG SE driven by seasonal effects as well as one-time expenses related to the anticipated integration of the ongoing acquisition of Société Beaujon and AXA S.A. ("AXA Group")'s life and non-life insurance companies, investment firms, pension funds and service companies in Poland, the Czech Republic and Slovakia.

Due to the expected strain of COVID-19 on its business (e.g. resulting from anticipated weaker demand for motor vehicle insurance as this is strongly linked to purchases of new and used vehicles and increased pay-outs under business interruption and event cancellation policies with a total exposure of up to EUR 150 million in Austria of which EUR 37.5 mn of IBNR have been provisioned in Q1/2020), the Issuer has revised its earnings forecast for the business year 2020 downwards (rather than results in 2020 being at approximately 2019 levels). Accordingly, only one third of the planned dividend for the financial year 2019 will be paid out and, and currently no dividend payment is planned for the financial year 2020.

- 1 -

If the spread of COVID-19 and applicable governmental responses are prolonged beyond 2020 or if further pandemics emerge that give rise to similar macroeconomic effects, the value of, and income from, the Group's investment portfolio and its overall financial results may be negatively impacted.

Due to its large investment portfolio, the Group is exposed to the risk of incurring financial loss as a result of fluctuations in the value of, or income from, specific assets (Market Risk)

Due to the Group's large portfolio of life and health insurance contracts and the long-term liabilities assumed by the Group under these policies, market risk is the key financial risk for the Group, as it needs to hold a broad range of investment assets in order to meet its obligations under contracts of insurance and prudential capital requirements. The Group's investment portfolio, which includes notes, real estate assets, equities and derivatives, is dominated by interest bearing instruments. A range of factors including the performance and liquidity of investment markets, interest rate movements and inflation influence the value of, and income from, these investment assets while dividend yielding equities may be adversely affected by economic downturns caused by COVID-19. A reduction in the value of these assets relative to contracted obligations or targeted returns will directly or indirectly affect reported financial results and solvency of the Group. Temporary closure of markets as well as uncertainty, fluctuations or negative trends in international economic and investment prospects could adversely impact the Group's ability to execute hedging strategies that strive to match profiles of the Group's asset and liability cash flows and could negatively impact on the value of investments.

Interest rate fluctuations may cause a decline in the Group's return on investments below interest rates guaranteed by it under insurance policies exposing the Group to interest rate risk

It is particularly significant to the Group's health and life business due to the long-term liabilities assumed by the Group under insurance policies and the unpredictability of long-term interest rate trends which makes it one of the most significant financial risks for an insurance company. In both existing and new businesses, the Group generally invests insurance premiums in interest bearing instruments such as notes or loans, and, to a lesser extent, in equities and alternative investments. While for life products the Group has recently started to offer products that are only based on a low or zero discount rate, its insurance portfolio also includes older contracts with different discount rates, amounting to as much as 4.0 per cent per annum. Consequently, where interest rate fluctuations cause a decline in the Group's return on investments below interest rates guaranteed by it under insurance policies, such policies would become unprofitable for the Group.

Because the Group's investment portfolio is dominated by fixed income securities, the Group is exposed to Credit Spread Risk

The Group is exposed to credit spread risk, which is the risk of changes in the price of financial assets or in the amount of technical provisions in the financial statements resulting from changes in credit risk premiums or associated volatility. Credit spread is the difference between the quoted rates of return on two different investments, usually of different credit qualities but similar maturities. It is reflective of the yield that investors require in addition to the yield on a comparable risk-free investment of equal tenor. The credit spread thus indicates the risk premium for one investment product over another and can decrease as well as increase for a large number of different reasons. Because the Group's investment portfolio is dominated by fixed income securities, the Group is particularly vulnerable to credit spread risk. Credit spread risk of individual securities is determined in accordance with their rating and duration. A spread widening will reduce the value of fixed income securities and increase investment income from the purchase of new fixed income securities in the Group's investment portfolio. Conversely, spread tightening will generally increase the value of fixed income securities in the Group's portfolio and will reduce investment income from new purchases of fixed income securities. Finally, a widespread widening of credit spreads and rating downgrades can also result in a reduction in the Group's Solvency II balance sheet surplus, a surplus required by the minimum capital requirements and prudential regime under (i) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (recast); (ii) any other respective legislative acts of the European Union, including (but not limited to) the Commis- sion Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance and (iii) the Austrian law implementing the same, including (but not limited to) the Austrian Insurance Supervision Act 2016 (Versicherungsaufsichtsgesetz 2016, "VAG 2016"), in each case, as amended from time to time (hereinafter referred to as "Solvency II").

The Group is exposed to the risk of loss attributable to another party failing to perform its financial obligations to the Group (Default Risk)

The Group is exposed to default risk, particularly where proceeds from the Group's investments or its reinsurance arrangements are not available as expected. A counterparty default could create an immediate loss or a reduction in future profits, depending on where the loss occurred in the business.

- 2 -

The significant areas where the Group is exposed to default risk are the following:

- The Group holds investment assets to back its insurance liabilities, including corporate bonds and sovereign debt. Fixed-income securities amount to 80% of the Group's total investment assets and thus represent by far the largest asset class of its investment portfolio. While 92% of fixed income securities are currently rated investment-grade, there is a risk that the issuers of such bonds may default upon their payment obligations. This risk is considerably increased in case of systemic corporate sector failures (e.g., caused by COVID-19) or in case of a major sovereign debt event.

- The Group is exposed to counterparty default risk in connection with derivatives held (e.g. with respect to Raiffeisen Bank International as its main hedge counterparty for foreign currency risk) or in connection with guarantees assumed by a third party guarantor, as is typically the case with respect to state-subsidized retire- ment pension products in Austria (Prämienbegünstigte Zukunftsvorsorge) or guaranteed unit-linked life products.

- The Group transfers part of the underwriting risks it assumes vis-à-vis policyholders to the reinsurance market. Even if the Group obtains reinsurance, it remains primarily liable for the reinsured risks, regardless of whether the reinsurer meets its reinsurance obligations. Therefore, there is a risk that one or more reinsurers may be late with their payment obligations or may default upon them. This risk is further pronounced by the fact that the Group strives to transfer required reinsurance as much as possible to its internal reinsurance company UNIQA Re AG in Switzerland which is responsible for partially assuming the required reinsurance business and for selecting external reinsurance parties, taking into account strict guidelines for avoiding material concentration risks.

- The Group is also exposed to the risk of defaults by money market counterparties and providers of investment settlement, banking, custody and other business services.

The Group's international operations and its investment portfolio expose it to the risk of loss caused by fluctuations in exchange rates and associated volatility (foreign currency risk)

The Group is exposed to foreign currency risk although its assets and liabilities are predominantly denominated in Euro, but given the international nature of its insurance business, the Group also invests in securities denominated in different currencies aimed at matching liabilities with assets in the same currency. Because it is not always possible to achieve complete currency matching between assets and liabilities, conversion at an unfavourable exchange rate may be necessary at short notice to cover liabilities not sufficiently covered by hedges in the respective currency.

The Group is also exposed to foreign currency translation risk because its consolidated financial statements are stated in Euro, whereas revenues and expenses of some of the Group's businesses are in currencies other than the Euro. Foreign currency amounts are translated into Euro at the applicable exchange rates for inclusion in the Group's consolidated financial statements. In case the exchange rate between these currencies and the Euro fluctuates substantially, this may cause asset values to decrease and liabilities to increase.

1.2. Business Risks

The Group is exposed to the risk of loss or adverse change in the value of insurance liabilities differing to that assumed within product pricing and provisions or from revision of assumptions underlying provisions from one period to the next (Underwriting Risk)

The Group's economic development depends in part on its ability to accurately assess the risks associated with the businesses and individuals that it insures. The Group calculates its tariffs, technical provisions, reserves for outstanding claims and embedded value based on actuarial and statistical methods and assumptions. These assumptions include estimates of long-term developments in interest rates, financial investment yields, participations in profits, mortality and morbidity rates, surrender and annuity take-up rates as well as future expense rates. Due to the nature and uncertain timing of the risks the Group incurs in underwriting insurance products, it cannot precisely determine the amounts that it will ultimately need to pay to meet liabilities covered by insurance policies written.

The significant areas where the Group is exposed to underwriting risk are the following:

- In the non-life sector, underwriting risk consists of premium (including catastrophe risk) risk and reserve risk. Premium risk is defined as the risk that future benefits and expenses in connection with insurance operations exceed premiums collected for the insurance concerned due to e.g. higher frequencies of damages or higher average losses. Such a loss may also be caused by exceptionally significant, but rare loss events. Natural disasters represent a further threat from events that are infrequent but that nevertheless cause

- 3 -

substantial losses. This risk includes financial losses caused by natural hazards, such as floods, storms, hail or earthquakes. Reserve risk refers to the risk that technical provisions recognised for claims that have already occurred will turn out to be inadequate. The claim reserve is calculated using actuarial methods. Ex- ternal factors, such as changes in the amount or frequency of claims, legal decisions or repair and/or handling costs, can cause actual expenses to differ compared to the estimates on which reserving was based.

- In the life and health insurance sector, underwriting risk consists of mortality, longevity, disability-morbidity, lapse, expense, revision and catastrophe risk. Mortality risk depends on possible fluctuations in mortality rates due to an increase in deaths which would have an adverse effect on the expected benefits to pay on risk insurance policies. Longevity risk refers to the adverse effects of random fluctuations in mortality rates due to a decline in the mortality rate. The Group is thereby exposed to the risk that the anticipated life expectancy in the calculation of the premium will be exceeded in reality and that the expenditure for pension payments will be higher than planned. Disability-morbidity risk is caused by possible adverse fluctuations in disability, sickness and morbidity rates compared to what they were at the time the premium was calculated. Lapse risk arises from fluctuations in policy cancellation, termination, renewal, capital selection and surrender rates of insurance policies. Overall, it represents uncertainty regarding customer behaviour. Lapse risk is also linked to the development of interest rates with rising interest rates leading to increased policyholder cancella- tions. Expense risk refers to adverse effects due to fluctuations in the administrative costs of insurance and re-insurance contracts, which are exposed to inflation. Revision risk results from fluctuations in the revision rates for annuities due to changes in the legal environment. Catastrophe risk results from significant uncertainty in relation to pricing and the assumptions made in the creation of provisions for extreme/exceptional events. The most relevant example of catastrophe risk is an immediate dramatic increase in mortality rates in which case pay-outs cannot be fully financed by premiums collected.

- Furthermore, COVID-19 may also lead to a significant increase in the Group's liabilities in the life, non-life and health insurance sector if payment obligations increase as a result of rising mortality rates, increased levels of sickness and need for special medical care or as a result of government-imposed business interruptions such as lock-downs, border closures and export bans resulting in increased claims under business interruption and event cancellation insurance policies. Additionally, there is a risk that policyholders may make policy claims that extend beyond the coverage provided by the terms of the policy and contest these claims legally with the Group. Moreover, it is uncertain whether such increased pay-outs would be (fully) compensated by reinsurance arrangements. Any decrease in the amount of reinsurance cover relative to the Group's primary insurance liability vis-á-vis policyholders could increase such losses because reinsurance arrangements do not eliminate the Group's payment obligations and introduce counterparty risk with respect to the Group's ability to cover amounts due from reinsurers.

If any of these risks materialize, actual claims experience may be less favourable than assumed and premiums charged may prove insufficient for the insurance coverage the Group needs to provide. Accordingly, the Group may be required to increase provisions made for its liabilities with a corresponding reduction of its net income in the period in which the deficiency is identified.

The Group is exposed to risk of loss resulting from inadequate or failed internal processes, human error and systems, or from external events (Operational Risk)

The Group's risk management methods rely on a combination of technical and human controls and supervision that can be subject to error and failure, and its plan for expansion, together with any regulatory change, will inherently increase the profile of operational risks across its business.

Cyber Security Risk

As the Group and its business partners increasingly digitise their businesses, the Group is inherently exposed to the risk that third parties may seek to disrupt the Group's online operations, steal customer data or perpetrate acts of fraud using digital media. A significant cyber event could result in reputational damage to and financial loss for the Group. If a cyber event were to occur, this may affect a financial or reputational loss for the Group.

Data Protection Risk

The Group handles health-related customer data, which is classified as sensitive personal data under the general data protection regulation ((EU) 2016/679 (the "GDPR")) and is therefore subject to strict data protection requirements. The GDPR imposes a high compliance burden and includes strict sanctions, including large fines, for non-compliance. The Group has established a Data Protection Committee and adheres to an internal data protection management policy. Nevertheless, the data protection processes established by the Group may be insufficient, which may result in a breach of applicable law or in loss or compromise of customers' sensitive personal data.

- 4 -

Risks resulting from Business Processes, IT systems and Business Continuity

The Group's business processes are complex, with significant reliance placed upon IT systems. In 2016 the Group commenced a significant overhaul of its IT core systems and launched in Austria its UNIQA Insurance Platform (the "UIP"), a digital platform on which all of its insurance contracts shall be managed over time. The Group further developed its digital customer frontends and its website, enabling, among others new functions for customers such using e-identity via online banking to verify their identity, expanded the use of robotic process automation to set up claims automatically and ran several pilot projects to trial the use of artificial intelligence ("AI") for analyzing pricing models.

These new IT systems and applications may fail for a variety of factors such as power outages, disruptions in internet traffic, software bugs or human error and may thus not achieve the desired results or fail to gain traction with customers. Furthermore, if the Group is not effective in anticipating the impact of changing technologies (such as driv- erless cars, connected devices and AI) on its business and is unable to effectively adapt to the constantly evolving technological landscape on the insurance market, its ability to successfully compete may be impaired.

Finally, operating in a highly regulated environment, the Group is also required to maintain business continuity plans to ensure continued performance of critical business functions during emergency situations such as most recently to operate remotely in light of the COVID-19 pandemic. A material failure in the Group's business processes, IT systems and applications or of its business continuity plans may severely disrupt the Group's business and could result in unanticipated reputational loss or damage.

The Group is exposed to the risk of insufficient liquidity to honour its payment obligations when due, funding investments and implementing its expansion strategy (Liquidity Risk)

The Group is exposed to liquidity risk, which is the risk that the Group, though solvent, either does not have sufficient financial resources available to meet its payment obligations as they fall due, or can secure them only at excessive cost.

The Group must satisfy its payment obligations on a daily basis. Any increase in the incidence of claims, compensation payments or policy lapse/surrender rates, among other events, can lead to unanticipated requirements for liquidity. Such events may include a flu pandemic or COVID-19 or natural disaster leading to significant higher levels of claims that would normally be expected or extreme events impacting the timing of cash flows.

Furthermore, the use of financial instruments employed in the Group's businesses to hedge default, interest rate, currency and inflation risks can require the Group to post collateral with counterparties in specific circumstances, including a credit rating downgrade of the Group and thus necessitate the Group to hold an appropriate pool of cash or readily available liquid assets. Failure to hold sufficient cash or suitable liquid assets to meet collateral requirements exposes the Group to collateral liquidity risk, resulting in unplanned disposals of assets at excessive cost.

Finally, the Group's ability to fund planned or committed capital expenditures and investments (e.g., acquisitions or upgrading its IT infrastructure) or to implement its expansion strategy mainly depends on its future operating performance, its ability to generate sufficient cash flow and its ability to secure third-party funding.

Accordingly, if the Group fails to generate sufficient liquidity, it may not be able to honour its payment obligations when due and to fund planned or committed capital expenditures.

The Group is exposed to risks resulting from anticipated business growth opportunities and corporate restructurings

In the context of implementing its strategy, the Group may contemplate business growth opportunities, such as the deployment of new activities, undertaking acquisitions or may further engage in corporate restructurings to simplify and streamline its Group structure in order to improve efficiency, strengthen customer focus within its organisation and realize synergies.

As part of the Group's expansion strategy, in February 2020, the Issuer's wholly owned Subsidiary UNIQA Öster- reich Versicherungen AG signed a share purchase agreement with Société Beaujon and AXA S.A. for the acquisition of shares in AXA Group's life and non-life insurance companies, investment firms, pension funds and service companies in Poland, the Czech Republic and Slovakia for a purchase price of around €1 billion (the "AXA Acquisi- tion"). Completion of the transaction, which is expected to occur in the second half of 2020, is subject to regulatory approvals and anti-trust clearance. Should any of the completion conditions not be fulfilled by the agreed longstop date (as extended, if applicable), UNIQA Österreich Versicherungen AG will need to pay a fee of up to 3% of the purchase price to Société Beaujon. In addition, and subject to obtaining all regulatory approvals, the Issuer has

- 5 -

announced the proposed merger of UNIQA International AG as transferring company with UNIQA Österreich Ver- sicherungen AG as acquiring company in the course of 2020 (the "Intra-Group Restructuring"). The Intra-Group Restructuring is expected to streamline its Group structure and bundle all insurance activities in one legal entity.

Should the AXA Acquisition and/or the Intra-Group Restructuring not complete, for instance as a result the regulatory approvals for the AXA Acquisition and/or for the Intra-Group Restructuring not being granted within the timeline envisaged by the Group or at all, the Group may be unable to realize the anticipated benefits of these transactions.

Even if regulatory approvals for the AXA Acquisition and/or for the Intra-Group Restructuring are granted, the integration of existing operations (in case of the Intra-Group Restructuring) or of newly acquired businesses (in case of the AXA Acquisition), may, require significant management attention as well as financial and other resources that would otherwise be available for the Group's operative business, present various risks and challenges including differing culture or management styles, accounting deficiencies, risk management or internal control systems and may have an impact on the capital requirements of the Group. In each case, there is a risk that the Group may be unable to realise any or all of the anticipated benefits such as synergies and cost savings, stream-lining of the product offering and the underwriting strategy, consolidation of reinsurance purchase or the increase of market share. More- over, UNIQA Österreich Versicherungen AG is exposed to the risk that COVID-19 may have a negative impact on the financial performance of the target companies of the AXA Acquisition which UNIQA Österreich Versicherungen AG will not be compensated for by the sellers.

The Group is exposed to Risks resulting from Revocation or Downgrade of Credit Ratings which could increase the Group's borrowing or reinsurance cost and weaken its competitiveness and market position

The Group's business is dependent on its ability to access the capital markets and its cost of funding in these markets is influenced by the credit ratings assigned by ratings agencies. As at the date of this Prospectus, Standard & Poor's Credit Market Services Europe Limited ("S&P") has rated the Issuer at "A-", UNIQA Österreich Versicherungen AG and UNIQA Re AG in Switzerland (the Group's reinsurer) at "A" and the Issuer's supplementary capital notes issued in 2013 at "BBB". Any revocation or downgrading of these ratings could increase the Group's borrowing or reinsurance cost and consequently may weaken its market position. The Group's financial strength and credit ratings are also used by the market to measure its ability to meet policyholder and counterparty obligations and are important factors affecting public confidence in the Group's products and accordingly its competitiveness. Downgrades in the Group's credit ratings could have an adverse effect on its ability to market products, to retain new and existing policyholders and on its financial flexibility. Furthermore, changes in rating methodology and criteria used by rating agencies to rate the insurance sector could result in downgrades that do not reflect changes in general economic conditions or the Issuer's and/or UNIQA Österreich Versicherungen AG's and/or UNIQA Re AG's financial condition.

The Group is exposed to Risks resulting from Market Competition which could result in the Group losing business to new entrants and materially adversely effecting on the Group's prospects and business

The Group faces competition from international players who are active throughout its core markets Austria and CEE, such as Vienna Insurance Group, Generali, Allianz and Talanx, and from regional well-established competitors, such as Grazer Wechselseitige in Austria, PZU Group in Poland, Croatia Osiguranje in Croatia and Dunav Osiguranje in Serbia. The Group operates in a market in which the most important competitive factors for general insurance products include brand recognition, the utilisation of various distribution channels, product price and customer service, including claims handling, product flexibility and product innovation. If the Group is unable or is perceived to be unable to compete effectively in one or more of these areas, its competitive position may be adversely affected.

Moreover, the market in which the Group operates remains attractive to new entrants. As it has been overserved in other business sectors, alternative digitally enabled providers of financial service products may emerge with lower cost business models or more innovative service propositions and capital structures disrupting the current competitive landscape. Should the Group be unable to compete effectively, this could result in the Group losing business to new entrants.

The Group is exposed to the risk of loss arising from damage to its reputation or a negative overall impression in its perception by customers, business partners, shareholders or regulators (Reputation and Contagion Risks)

The Group is exposed to reputational risk, which is the risk of loss that arises due to possible damage to its reputation, a deterioration in its prestige, or a negative overall impression in the perception of its customers, business partners, shareholders or regulators. The Group's operations depend on it displaying a high level of integrity and obtaining trust and confidence of its customers. Any mismanagement, fraud or adverse publicity resulting from the Group's activities, or any accusation by a third party in relation to the Group's activities, even if unfounded, or to the industry generally, could result in the Group losing current policyholders, subject it to closer regulatory scrutiny, increase its costs of funding, or may adversely affect its ability to obtain reinsurance at reasonable pricing or at all.

- 6 -

In addition, reputational risks affecting one or more Subsidiaries may impact another Subsidiary solely based on the internal relationship between those entities. Further, if, for any reason, any of Group's business partners suffers reputational damage, this could adversely impact the Group's image and subsequently lead to losses of customers and market share.

1.3. Risks relating to regulatory and other legal matters

The Group is exposed to legal, supervisory and regulatory risks which may impact its profitability and may subject it to financial penalties and adverse publicity resulting from regulatory intervention

The Group operates in a heavily regulated industry. It is subject to applicable law and regulations in Austria, as its core market, and internationally, which are complex, vary across jurisdictions and are frequently amended. New regulations or changes in existing regulations may be imposed in relation to, among others, permitted product fea- tures, conduct of business, underwriting practices (e.g. genetic testing), guarantees, profit sharing, personnel rules, reserving and solvency. The timing and form of future changes in regulation are unpredictable and beyond the Group's control. For instance, it is unclear how the Common Framework for the Supervision of Internationally Ac- tive Insurance Groups ("Comframe") of the International Association of Insurance Supervisors ("IAIS") will finally be implemented. Furthermore, the ongoing review of the legal framework of Solvency II, for instance, may lead to further changes in the insurance industry's solvency framework, minimum capital requirements and prudential regime as well as associated costs and impact the volume or quality of new sales or the profitability of in-force business.

Besides, regulators have broad powers, including the authority to grant, vary the terms of, or cancel an insurance company's authorisation, to investigate marketing and sales practices, to prohibit the issuance of new business or payment of dividends, and to require the maintenance of adequate capital resources. Each regulator has the power to take a range of disciplinary and enforcement actions, including public censure, restitution, fines or compensation and other sanctions. Any legislative or regulatory action (whether in Austria or elsewhere) against a member of the Group could result in financial penalties, remediation costs and/or adverse publicity for, or negative perceptions regarding, the Group.

Furthermore, legislation and government policy, such as in relation to government subsidized pension plans, define the overall framework for the Group's product design, marketing, taxation and distribution of its products, as well as the prudential capital that it holds. The Group's activities and strategies are based upon prevailing legislation and regulation. Changes in legislation, and differing interpretation and application of regulation, may increase the Group's cost base, reduce its future revenues or require the Group to hold more capital and thus impact its profitability. Some changes in legislation and regulation can also have a retrospective effect, as this is often the case in CEE, and can, thus, adversely impact in-force business and future cash generation.

Any of these factors can have a significant impact on the Group's strategy and can ultimately impact its business, financial condition and results of operations.

Failure to meet Regulatory Capital Adequacy Requirements and regulatory restrictions may have material adverse effects on the Group

Insurance companies are required to maintain a minimum level of assets (referred to as regulatory capital) in excess of their liabilities. As of the date of this Prospectus, the relevant companies within the Group satisfy all of their current regulatory requirements in this regard. Fluctuations in the fixed income and equity markets would, however, directly or indirectly, affect levels of regulatory capital held by such Subsidiaries.

In addition, management estimates are required in the derivation of Solvency II capital metrics. These include mod- elling simplifications to reflect that it is not possible to perfectly model future developments of the external environment which cannot be predicted in advance, requiring adjustments to be made if and when new data emerges.

An inability to meet regulatory capital adequacy requirements, a breach of regulatory capital requirements or a reduction of solvency ratios in the future would be likely to lead to intervention by the respective regulators. This , will require the Group to take steps to restore the level of regulatory capital held to acceptable levels and may result in the Issuer injecting new capital into its Subsidiaries which could in turn adversely affect the Issuer’s capital and financial position.

Moreover, regulatory restrictions can reduce the Issuer's ability to move capital within the Group which in turn can adversely affect the liquidity and financial position of the Issuer and the Group.

- 7 -

If the Group fails to meet regulatory capital requirements or if regulatory restrictions reduce the Issuer's ability to move capital within the Group, this may have a material adverse effect on the Group's prospects, reputation, business, financial condition and results of operations.

The Group is exposed to Litigation Risk

Within the scope of its ordinary business activities, the Group is involved in proceedings in Austria and abroad both as plaintiff and as defendant, such as currently with respect to a EUR 75 million claim asserted by a customer against UNIQA Österreich Versicherungen AG based on transport insurance. Furthermore, a number of dissatisfied investors of Infinus Group, a German financial services group that has meanwhile been declared insolvent, with whom FinanceLife Lebensversicherung AG, UNIQA Österreich Versicherungen AG's legal predecessor, had a previous business relationship that ended in 2011, have asserted tort claims against UNIQA Österreich Versicherungen AG out of court based on the allegations that FinanceLife Lebensversicherung AG's business conduct contributed to the losses suffered by those investors. If and to the extent such alleged damage claims are brought before a court by a large number of investors and are ultimately decided adversely against UNIQA Österreich Versicherungen AG, this could have material negative effects on the Group's business and financial condition as well as its reputation. Dis- putes which are sufficiently substantial may pose a significant litigation risk. Disputes may be substantial either because the amount in dispute is high or because a dispute, in which the individual amount in dispute may be low, arises under a certain fact pattern similar to that of a large number of separate disputes, such as e.g. regarding customer termination rights and the extension of termination periods under life insurance contracts due to the failure to adequately inform customers of such revocation rights in Austria, the Group's core market. Given the large or inde- terminate amounts of damages sometimes sought, and the inherent unpredictability of the outcome of litigation and disputes, it is possible that an adverse outcome in material legal proceedings or disputes could, from time to time, divert management attention and may have a material adverse effect on the Group's financial condition. There may also be adverse publicity associated with litigation that could decrease customer acceptance of the Group's products and services, regardless of whether the allegations are valid or whether the Group is ultimately found liable.

Changes in Tax Laws may impact the Group's profitability and may affect demand of its insurance products

The Group's business is subject to taxation in the markets in which it operates, in particular in Austria and CEE. The approach to, territory of and level of (corporate) taxation also continues to be an area of political debate internationally, including in the jurisdictions in which the Group operates. Changes in the application or interpretation of existing tax laws, especially if imposed with retroactive effect, amendments to existing tax rates or the introduction of new tax legislation may adversely affect the Group's profitability, as the Group's activities and strategies are based upon prevailing tax laws and regulations.

Moreover, the design of the Group's products such as life insurance products, takes into account a number of factors, including taxation. Future changes in tax law that impact taxation of its customers or policyholders and may thus adversely affect the Group's clients' ability or willingness to do business with the Group and hence demand of its insurance products.

Changes in Accounting Standards may lead to changes in the Group's reporting basis of future results, require restatements of reported results and may impact profit recognition

The Group's accounts are prepared in accordance with the current EU endorsed International Financial Reporting Standards ("IFRS") applicable to the insurance industry. Any change or modification of IFRS accounting policies may require a change in the Group's reporting basis of future results or a restatement of reported results and changes to the Group's accounting systems.

On 18 May 2017, the International Accounting Standards Board (the "IASB") published IFRS 17 'Insurance Con- tracts' with an effective date of 1 January 2021, which was most recently postponed to 1 January 2023. IFRS 17 introduces significant changes to the presentation and measurement of insurance contracts, including the effect of technical reserves and reinsurance on the value of insurance contracts and is intended to increase transparency, consistency and comparability in the reporting of new and existing business by (re)insurers, with clearer reporting on sources of profits and quality of earnings. The new standard changes the reported value of insurance and reinsurance contracts on the balance sheet and recognition of revenue in profit or loss accounting and can be expected to, among other things, alter the timing of IFRS profit recognition. Given the current stage of the Group's implementation of IFRS 17 together with developing industry practice and interpretation of the same, there is uncertainty on the impact the implementation of this standard will have on the Group's profit or loss accounting and on its balance sheet. Consequently, IFRS 17 and, more generally, changes in accounting standards that may be proposed in the future (whether or not specifically targeted at (re)insurance companies), could have a material adverse effect on the Group's prospects, business, financial condition and results of operation.

- 8 -

2. RISKS RELATING TO THE ISSUER

If the Issuer’s Subsidiaries are unable to make distributions and other payments to the Issuer, the Issuer may be unable to pay amounts due on the Notes

As the Group's parent (holding) company, aside from a relatively small percentage of revenues generated by the Issuer from its reinsurance business, the Issuer's main activity is the strategic and operational management of its Subsidiaries. Thus, the Issuer expects to obtain the money to make payments of principal or interest on the Notes merely through cash dividends, distributions or other transfers from its Subsidiaries. Therefore, the Issuer’s ability to make payments of principal or interest on the Notes will be contingent upon the Issuer’s Subsidiaries generating sufficient cash to make payments to the Issuer.

The Noteholders are unsecured and subordinated creditors of the Issuer. Noteholders' claims are therefore structurally subordinated to creditors of the Subsidiaries who enjoy privileged access to assets of such Subsidiaries. In case of a Subsidiary's insolvency, the Issuer will only receive liquidation proceeds following satisfaction of all secured and unsecured creditors of the relevant Subsidiary.

The extent of such cash flows depends on the results of operations of the Group but the Issuer may not necessarily have access to the full amount of cashflows due to legal or tax constraints or other arrangements which limit its Subsidiaries' ability to make remittances, including (temporary) restrictions to pay out dividends imposed by gov- ernments and regulators as a result of COVID-19.

For example, the Issuer intends to on-lend the entire proceeds from the issuance of the Notes to UNIQA Österreich Versicherungen AG, which is a direct subsidiary of the Issuer, under a subordinated intra-group loan arrangement (the "Intra-Group Loan"). Accordingly, in the event of a liquidation, dissolution, insolvency or composition or any other proceedings for the avoidance of insolvency against UNIQA Österreich Versicherungen AG, the Issuer's claims under the Intra-Group Loan will be satisfied after the claims of all creditors of UNIQA Österreich Versicherungen AG with obligations ranking senior to the Intra-Group Loan AG have first been satisfied in full. Moreover, the Notes will be issued to increase the Issuer's and the Group's regulatory capital position under Solvency II and are intended to receive a certain regulatory capital treatment. Thus, the terms and conditions of the Intra-Group Loan are structured to match the Terms and Conditions of the Notes, implying various risks for the Issuer to receive payment under the Intra-Group Loan. In particular, UNIQA Österreich Versicherungen AG has the discretion, respectively, the obligation to defer interest payment under the Intra-Group Loan or to defer repayment of the Intra-Group Loan beyond the Final Maturity Date whenever UNIQA Österreich Versicherungen AG does not meet certain regulatory capital requirements. Moreover, under the Austrian Equity Capital Replacement Act (Eigenkapitalersatzgesetz, "EKEG"), shareholder loans are deemed equity replacing if they are granted to a subsidiary while the subsidiary is considered to be in a financial crisis within the meaning of EKEG. Such loans must not be repaid (i) until the crisis is remedied or (ii) if repayment would cause a crisis and are subordinated in case of insolvency.

A material change in the financial condition of any of the Issuer's Subsidiaries, including UNIQA Österreich Versi- cherungen AG, including failure to repay any amounts due to the Issuer under the Intra-Group Loan when due (including as a result of a statutory repayment restrictions under EKEG or applicable supervisory laws), may have a material effect on the results of operations and financial condition of the Issuer and may thus adversely impact the Issuer's ability to make payments on the Notes when due.

3. RISKS RELATING TO THE NOTES

3.1. Risks associated with the characteristics of the Notes

Obligations under the Notes constitute unsecured, subordinated obligations of the Issuer and will only be fulfilled after all claims of non-subordinated creditors have been satisfied. Noteholders will only be entitled to payments under the Notes if this would not cause or accelerate the insolvency of the Issuer

The obligations under the Notes constitute unsecured obligations of the Issuer ranking pari passu among themselves but ranking subordinated to the Issuer's (i) unsubordinated obligations and (ii) subordinated obligations required to be preferred by mandatory provisions of law ("Issuer's Senior Ranking Debt"). In the event of the liquidation, dissolution, or insolvency of the Issuer, or composition or any other proceedings for the avoidance of insolvency against the Issuer, the claims of the Noteholders under the Notes will be satisfied after the Issuer's Senior Ranking Debt. In any such event, Noteholders will not receive any amounts payable in respect of the Notes until the claims of all creditors of Issuer's Senior Ranking Debt, which includes claims of policyholders and beneficiaries, have first been satisfied in full. No security of whatever kind securing the obligations of the Issuer under the Notes is, or shall at any time be, provided by the Issuer or any other person to the Noteholders. No Noteholder may set off any claims

- 9 -

arising under the Notes against any claims that the Issuer may have against it. The Issuer may not set off any claims it may have against any Noteholder against any of its obligations under the Notes.

The Noteholders must accept that, in the circumstances described above, (i) the Issuer will make payments in respect of the Notes only in accordance with the subordination described above, and (ii) the rights of the Noteholders under the Notes will be subject to the provisions of the insolvency laws applicable to the Issuer from time to time. In a liquidation, dissolution, insolvency, composition or other proceeding for the avoidance of insolvency of, or against, the Issuer, it is very likely that the Noteholders may recover nothing at all or a substantially lower proportion of their claims than the holders of unsubordinated obligations of the Issuer. In addition, Noteholders will have limited ability to influence the outcome of any insolvency proceedings or a restructuring outside insolvency.

Furthermore, the Terms and Conditions provide for a pre-insolvency payment prohibition. This means that already prior to the commencement of any insolvency or liquidation proceedings over the assets of the Issuer, Noteholders will only have a due (fällig) claim for the relevant scheduled payment of interest, payment of Arrears of Interest (as defined in the Terms and Conditions) or for redemption if no reason for the opening of insolvency proceedings in respect of the Issuer in accordance with the applicable insolvency law exists and if the payment of the relevant amount would not cause the insolvency of the Issuer or accelerate the process of the Issuer becoming insolvent. These payment conditions constitute a prohibition to pay, meaning that any payment on the Notes may only be made by the Issuer if it is made in accordance with the aforementioned conditions. Any payment made in breach of this prohibition must be repaid to the Issuer irrespective of any agreement to the contrary.

Noteholders are exposed to the risk that the price of the Notes may fall because of changes in the market yield until the First Reset Date

The Notes bear interest at a fixed rate from and including their issue date to but excluding the First Reset Date.

During that time, Noteholders are exposed to the risk that the price of the Notes may fall because of changes in the market yield. While the nominal interest rate (i.e. the coupon) of the Notes is fixed until, but excluding, the First Reset Date, the market yield typically changes on a daily basis. As the market yield changes, the price of the Notes typically changes in the opposite direction. If the market yield increases, the price of the Notes typically falls. If the market yield falls, the price of the Notes typically increases. Noteholders should be aware that movements of the market yield can adversely affect the price of the Notes and can lead to losses for the Noteholders.

Noteholders should also be aware that the market yield has two components, namely the risk-free rate and the credit spread. The credit spread is reflective of the yield that investors require in addition to the yield on a risk-free investment of equal tenor as a compensation for the risks inherent in the Notes. The credit spread changes over time and can decrease as well as increase for a large number of different reasons. The market yield of the Notes can change due to changes of the credit spread, the risk-free rate, or both.

Noteholders are exposed to the risk of fluctuating interest rate levels and uncertain interest income from the First Reset Date.

If the Notes are not called on the First Call Date, the Notes will bear interest at a floating rate from the First Reset Date (including) until the Final Maturity Date (excluding). The floating rate applicable to the Notes from (and including) the First Reset Date is based on two components, namely the Euro-zone inter-bank offered rate for three- month Euro deposits ("EURIBOR") (or any successor rate in case of a Benchmark Event) and the initial credit spread determined at pricing of the Notes (the "Initial Credit Spread"), plus the Margin. The floating rate interest is payable quarterly and the applicable rate will be determined immediately prior to any Floating Interest Period based on the then prevailing 3-months EURIBOR rate plus the Initial Credit Spread, plus the Margin. The Initial Credit Spread and the Margin were fixed prior to the issue date of the Notes and will apply to any Floating Interest Period. Noteholders should be aware that the floating rate interest income is subject to changes in the 3-months EURIBOR and therefore cannot be anticipated. Hence, Noteholders are not able to determine a definite yield to maturity of the Notes following the First Reset Date at the time they purchase them. Accordingly, their return on investment cannot be compared with that of investments in instruments with a coupon that is fixed until maturity. Because the Initial Credit Spread and the Margin are fixed prior to the issuance of the Notes, Noteholders are moreover subject to the risk that these metrics may not reflect the market spread that investors require in addition to the 3-months EURIBOR as compensation for the risks inherent in the Notes. Furthermore, during each Floating Interest Period, it cannot be ruled out that the price of the Notes may fall as a result of changes in the current market interest rate. During each of these periods, Noteholders are exposed to the same risk as described under "Noteholders are exposed to the risk that the price of the Notes may fall because of changes in the market yield until the First Reset Date" above.

- 10 -

The replacement of the EURIBOR or any other Benchmark in case of a Benchmark Event could have adverse effects on the economic return of the Noteholder compared to the applicable original benchmark rate

Reference rates and indices, including interest rate benchmarks, such as the EURIBOR, which are used to determine the amounts payable under financial instruments or the value of such financial instruments ("Benchmarks"), have, in recent years, been the subject of political and regulatory scrutiny as to how they are created and operated. This has resulted in regulatory reform and changes to existing Benchmarks, with further changes being anticipated. Inter- national proposals for reform of Benchmarks include in particular the European Council's regulation (EU) 2016/1011 of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (the "Benchmark Regulation") which is applicable since 1 January 2018.

These reforms and changes may cause a Benchmark to be subject to a change in underlying methodology, to perform differently than it has done previously or to be discontinued. Any change in methodology, the performance of a Benchmark or its discontinuation, could have a material adverse effect on financial instruments referencing or linked to such Benchmark such as the Notes following the First Reset Date.

Following the First Reset Date, amounts payable under the Notes are calculated by reference to the EURIBOR, which is provided by the European Money Market Institute. The rate of interest for each Floating Interest Period will be determined on the corresponding Interest Determination Date by reference to Reuters Page EURIBOR01 (or its successor for purposes of displaying such rates) (the "Screen Page"). In circumstances where EURIBOR is discontinued, neither the Screen Page, nor any successor or replacement may be available.

Under the Terms and Conditions, certain benchmark replacement provisions will apply in case EURIBOR or any other Benchmark used as a reference for the calculation of floating interest payable under the Notes were to be discontinued or otherwise unavailable:

If the EURIBOR or any other Benchmark used to calculate interest amounts payable under the Notes for any interest period has ceased to be calculated or administered, the Issuer shall, as soon as it is (in the Issuer's view) practicable following the occurrence of the relevant Benchmark Event and prior to the next date where the reference rate will be determined, endeavour to appoint an independent adviser, which must be an independent financial institution of international repute or other independent financial adviser experienced in the international capital markets. Such independent adviser will be tasked with determining whether an officially recognised successor rate to the discontinued Benchmark exists. If that is not the case, the independent adviser will attempt to find an alternative rate which, possibly after application of adjustments or spreads, can replace the discontinued Benchmark. If the independent adviser determines a successor rate or alternative rate (the "New Benchmark Rate"), such rate will replace the previous Benchmark for purposes of determining the relevant rate of interest. Such determination will be binding for the Issuer, the Calculation Agent, the Paying Agents and the Noteholders. Any amendments pursuant to these fall-back provisions will apply with effect from the respective effective date specified in the Terms and Conditions.

If the Issuer fails to appoint an independent adviser or if the adviser fails to determine a New Benchmark Rate following a discontinuation of a relevant Benchmark, the reference rate applicable to the immediately following Floating Interest Period shall be the original benchmark rate determined on the last preceding interest determination date, provided, however, that, in case the Benchmark Event occurs before the Interest Determination Date for the first Floating Interest Period, the reference rate shall be -0.429 % per annum, subject to adjustments for later Floating Interest Periods in case the New Benchmark Rate can then be determined. Any replacement of a Benchmark in case of a Benchmark Event will only be made to the extent no Regulatory Event would occur as a result of such replacement. In case the replacement would lead to the occurrence of a Regulatory Event, the reference rate applicable to the immediately following Floating Interest Period shall be the original benchmark rate determined on the last preceding Interest Determination Date, provided, however, that, in case the Benchmark Event occurs before the Interest Determination Date for the first Floating Interest Period, the reference rate shall be -0.429 % per annum.

The replacement of the EURIBOR or any other Benchmark in case of a Benchmark Event could have adverse effects on the economic return of a Noteholder compared to the applicable original benchmark rate.

The Notes are long-term securities and Noteholders have no right to require redemption of the Notes prior to the Final Maturity Date. The Issuer may redeem the Notes early subject to the Conditions to Redemption being fulfilled and Noteholders may have a lower than expected yield and are exposed to reinvestment risks in case of such early redemption

The Notes are scheduled to be redeemed at par on 9 October 2035 (the "Scheduled Maturity Date") provided that on such date the Conditions to Redemption are fulfilled. Before that date, the Issuer has, under certain conditions, the right to redeem or repurchase the Notes early, but is under no obligation to do so.

- 11 -

If on the Scheduled Maturity Date, the Conditions to Redemption are not met, redemption may be delayed beyond the Scheduled Maturity Date for an indefinite period of time. Therefore, Noteholders may receive any amounts due upon redemption at a much later point in time than initially expected.

The Issuer may redeem the Notes at its option, subject to the Conditions to Redemption being fulfilled, at par plus accrued interest and any Arrears of Interest with effect as of the First Call Date and as of any Floating Interest Payment Date thereafter. The redemption at the option of the Issuer may affect the market value of the Notes. During any period when the Issuer may, or may be perceived to be able to, elect to call and redeem the Notes, the market value of the Notes generally will not rise substantially above the price at which they can be redeemed (par plus accrued interest and any Arrears of Interest). Certain market expectations may exist among investors with regard to the Issuer making use of its option to call the Notes for redemption prior to their Scheduled Maturity Date. Should the Issuer's actions diverge from such expectations, or should the Issuer be prevented from meeting these expectations, the market value of the Notes may be adversely affected.

In addition, the Issuer may at any time redeem the Notes at its option, subject to the Conditions to Redemption being fulfilled, at par plus accrued interest and any Arrears of Interest if:

- an opinion of a recognised law firm has been delivered to the Issuer (and the Issuer has provided the Fiscal Agent with a copy thereof) stating that, as a result of any change in, or amendment or clarification to, the laws, regulations or other rules, or as a result of any change in, or amendment or clarification to, the interpretation or application, or as a result of any interpretation or application made for the first time, of any such laws, regulations or other rules by any legislative body, court or authority (including the enactment of any legislation and the publication of any decision of any court or authority), which change, amendment or clarification becomes effective on or after the date of issue of the Notes (including in case any such change, amendment or clarification has retroactive effect), (x) the Issuer has or will become obliged to pay Additional Amounts on the Notes pursuant to § 6 of the Terms and Conditions, or (y) the interest expense in respect of the Notes is no longer, or will no longer be, fully deductible by the Issuer for income tax purposes, and in each case this cannot be avoided by the Issuer by taking such measures it (acting in good faith) deems reasonable and appropriate; or

- as a result of any change in or amendment to the Applicable Accounting Standards, which change or amendment becomes effective on or after the date of issue of the Notes, the Issuer must not or must no longer record the obligations under the Notes as liabilities on the balance sheet in the Issuer's annual consolidated accounts prepared in accordance with the Applicable Accounting Standards and this cannot be avoided by the Issuer taking such measures it (acting in good faith) deems appropriate; or

- the Competent Supervisory Authority states in writing to the Issuer that under the Applicable Supervisory Regulations the Notes (in whole or in part) would not be eligible to qualify for inclusion in the determination of own funds as Tier 2 Capital for single solvency purposes of the Issuer or for group solvency purposes of the Issuer's group (including the capital adequacy of internationally active insurance groups (IAIG), or that they no longer fulfil such requirements provided that the Notes did fulfil such requirements, except in each case where this is merely the result of exceeding any applicable limits on the inclusion of the Notes in the Tier 2 Capital of the Issuer or the Issuer's group pursuant to the Applicable Supervisory Regulations; or

- as a consequence of a change in, or clarification to, the rating methodology (or the interpretation thereof) of Standard &Poor's Credit Market Services Europe Limited (Niederlassung Deutschland), or any respective successor, which change or clarification becomes effective on or after the date of issue of the Notes, the capital treatment of the Notes for the Issuer or the Issuer's group worsens in the reasonable opinion of the Issuer, as compared to the capital treatment of the Notes for the Issuer or the Issuer's group assigned at or around the date of issue of the Notes.

If the Notes are redeemed early at the option of the Issuer, a Noteholder is exposed to the risk that due to such early redemption, the Noteholder’s investment will have a lower than expected yield. In addition, Noteholders are exposed to the risks that the yield on any reinvestment of cash proceeds received as a result of such early redemption in an asset of comparable credit quality and liquidity as the Notes may be substantially lower than the return of the Notes might have been. Such cash proceeds from an early redemption may also be lower than the then prevailing market price of the Notes immediately prior to the publication of a notice of redemption. Furthermore, an actual or perceived early redemption of the notes may adversely affect the secondary market price of the Notes.

Finally, under the Terms and Conditions, Noteholders have no right to require redemption of the Notes prior to the Scheduled Maturity Date. Noteholders should be aware that the Terms and Conditions do not contain any events of default provision that would allow Noteholders to accelerate the Notes in case of the occurrence of an event of

- 12 -

default. In addition, the Notes will only be redeemed on or following the Scheduled Maturity Date if the Conditions to Redemption are fulfilled.

Risks related to the Notes representing regulatory capital may lead to deferral of interest payments and restrictions on, and delay of, payments under the Notes

The Notes will be issued to increase the Issuer's and the Group's regulatory capital position under Solvency II and are intended to receive a certain regulatory capital treatment. The Terms and Conditions are structured accordingly, implying various risks for investor, in particular, the risk that the Issuer may be obliged to defer payment of interest beyond any Interest Payment Date or to defer redemption of the Notes beyond the Final Maturity Date whenever the Issuer or the Group does not meet certain regulatory capital requirements.

Payment of interest is subject to optional or compulsory interest deferral and any redemption of the Notes is subject to the Conditions to Redemption being fulfilled. A deferral of any payment of interest and/or of the redemption in accordance with the Terms and Conditions does not constitute a breach of obligations under the Notes or for any other purpose. Noteholders will not receive any additional interest or compensation for the compulsory or optional deferral of interest payments. Interest deferred compulsory or at the option of the Issuer will constitute Arrears of Interest, with no certainty for Noteholders as to when these Arrears of Interest will be paid. The Issuer will only be entitled to pay Arrears of Interest at any time if the Conditions to Settlement are fulfilled with respect to such payment. In addition, Arrears of Interest will not bear interest. Also, an actual or perceived deferral of payments may adversely affect the secondary market price of the Notes.

Finally, the Competent Supervisory Authority has specific rights to prohibit interest payments and any redemption of the Notes is subject to prior approval of the Competent Supervisory Authority. Such rights may change according to the Applicable Supervisory Regulations which may also be subject to change from time to time throughout the term of the Notes.

Noteholders may have to return amounts received otherwise than pursuant to the Terms and Conditions

If the Notes are redeemed or repurchased otherwise than pursuant to § 4 and in accordance with § 2 of the Terms and Conditions, Noteholders may have to return any amounts so received irrespective of any agreement to the contrary.

As a result of the application of the German Act on Issues of Debt Securities, Noteholder may be outvoted by a majority resolution of other Noteholders and may be deprived of individual rights to pursue and enforce their rights under the Terms and Conditions if a joint representative is appointed

Because the Terms and Conditions provide for meetings of Noteholders or the taking of votes without a meeting, the Terms and Conditions may be amended by majority resolution of the Noteholders and a Noteholder is therefore subject to the risk of being outvoted by a majority resolution of other Noteholders. The rules pertaining to resolutions of Noteholders are set out in the German Act on Debt Securities (Gesetz über Schuldverschreibungen aus Gesamtemissionen, "SchVG") and are largely mandatory. Pursuant to the SchVG, the relevant majority for Note- holders' resolutions is generally based on votes cast, rather than on the aggregate principal amount of the Notes outstanding. Therefore, any such resolution may effectively be passed with the consent of less than a majority of the aggregate principal amount of the Notes outstanding. As such a majority resolution is binding on all Noteholders, certain rights of a Noteholder against the Issuer under the Terms and Conditions may be amended or reduced or even cancelled. Because the Terms and Conditions provide that Noteholders are entitled to appoint a joint representative by a majority resolution of Noteholders, it is possible that a Noteholder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer, as such right will pass to the joint representative who is then exclusively responsible to claim and enforce the rights for and on behalf of all Notehold- ers.

All of these factors could have significant negative effects on the value of, and the return from, the Notes.

As a result, investors may receive less interest or principal than expected, or no interest or principal on the Notes.

Credit ratings may not reflect all risks associated the Notes and are subject to change

One or more independent credit rating agencies may assign credit ratings to the Notes. These ratings may not reflect the potential impact of all risks related to the characteristics, market, additional factors discussed above, or other factors that may affect the value of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. Rating agencies may also change their methodologies for rating securities in the future. If rating agencies were to change their practices

- 13 -

for rating such securities in the future and the ratings of the Notes were to be subsequently lowered, this may have a negative impact on the trading price of the Notes and Noteholders may incur losses on their investment.

Noteholders are exposed to the risk that a liquid market for the Notes does not develop or that trading of the Notes is suspended which can lead to distorted pricing or to a sale of the Notes becoming impossible

The liquidity (tradability) of the Notes is influenced by a variety of factors such as their issuance volume or general market conditions. Application will be made for the Notes to be listed on the Official Market (Amtlicher Handel) of the Vienna Stock Exchange but there is a risk that no liquid secondary market for the Notes may develop and/or subsist. In an illiquid market, Noteholders (who have no regular termination right) may be unable to sell their Notes at any time or at a market price in line with their expectations.

Further, admission of the Notes to trading may be revoked (e.g. due to a decision of the exchange operating company or the supervisory authority or upon application of the Issuer) and/or the Notes may be suspended from trading by the exchange operating company or the competent financial market authority (e.g. if certain price limits are exceeded, legal provisions are infringed or in case necessary to guarantee an orderly functioning of capital markets or the protection of Noteholders). A suspension of trading typically results in orders already placed to expire. In addition, a revocation or suspension from trading may not necessarily avoid distorted pricing and/or protect Noteholders' interests. All of these factors may lead to a market price which does not reflect the intrinsic value of the Notes, causing Notes not be sold at all or only at a price that is (significantly) lower than capital employed by a Noteholder when purchasing Notes. In particular, Noteholders should not place undue reliance on the possibility to sell Notes at a certain time or at a certain price. An illiquid market for the Notes or the suspension of trading Notes may frustrate the ability of Noteholders to trade Notes and hence may have material adverse effects on Noteholders.

The statutory presentation period provided under German law will be reduced under the Terms and Conditions in which case Noteholders may have less time to assert claims under the Notes

Pursuant to §8 of the Terms and Conditions of the Notes the regular presentation period of 30 years as provided in § 801 (1) sentence 1 of the German Civil Code (Bürgerliches Gesetzbuch – BGB) will be reduced to 10 years. Due to the reduced presentation period, the likelihood that Noteholders will not receive the amounts due increases since Noteholders may have less time to assert claims under the Notes compared to holders of debt instruments with terms and conditions which do not shorten the statutory presentation period at all or to a lesser degree than the Terms and Conditions.

An Austrian court could appoint a trustee for the Notes to exercise the rights and represent the interests of Note- holders on their behalf in which case the ability of Noteholders to pursue their rights under the Notes individually may be limited Pursuant to the Austrian Notes Trustee Act (Kuratorengesetz) and the Austrian Notes Trustee Supplementation Act (Kuratorenergänzungsgesetz), a trustee (Kurator) could be appointed by an Austrian court upon the request of any interested party (e.g. a Noteholder) or upon the initiative of a competent court, for the purposes of representing the common interests of the Noteholders in matters concerning their collective rights to the extent rights are endangered due to a lack of joint representation. In particular, this may occur if insolvency proceedings are initiated against the Issuer or under other similar circumstances.

If a trustee is appointed, it will exercise the collective rights and represent the interests of the Noteholders and will be entitled to make statements on their behalf which shall be binding on all Noteholders. Where a trustee represents the interests of and exercises the rights of Noteholders, this may conflict with or otherwise adversely affect the interests of individual or all Noteholders. Noteholders may be exposed to risks associated with exchange rates and exchange controls if their financial activities are principally denominated in a currency other than the Euro

Principal and interest on the Notes will be paid in the Specified Currency. This presents certain risks relating to currency conversions if an investor's financial activities are denominated principally in a currency or currency unit (the "Investor's Currency") other than the Specified Currency (as defined in the Terms and Conditions). These include the risk that exchange rates may significantly change (including changes due to a devaluation of the Specified Currency or revaluation of the Investor's Currency) and the risk that government and monetary authorities with jurisdiction over the Investor's Currency may (as some have done in the past) impose or modify exchange controls that could adversely affect an applicable exchange rate. An appreciation in the value of the Investor's Currency relative to the Specified Currency would decrease (i) the Investor's Currency equivalent yield on the Notes, (ii) the Investor's Currency equivalent value of the principal, respectively interest, payable on the Notes and (iii) the In- vestor's Currency equivalent market value of the Notes.

- 14 -

3.2. Risks associated with the ability of the Issuer to make payments when due and the decrease of the creditworthiness of the Group

The risks associated with the ability of the Issuer to make payments when due include the risk that an investor in the Notes will lose all or some of its investment should the Issuer become insolvent and the risk that the market value of the Notes could decrease if the creditworthiness of the Group worsens.

Noteholders are exposed to the risk of financial loss should the Issuer become insolvent.

Any person who purchases the Notes is relying on the creditworthiness of the Issuer and has no rights against any other person or right to recovery from any specific assets given the unsecured nature of the Notes.

Noteholders are therefore subject to the risk of a partial or total failure of the Issuer to make interest and/or redemption payments that it is obliged to make under the Notes. A materialisation of this risk (for example, due to the materialisation of any of the "Risks relating to the Issuer and the Group" as described below) may result in partial or total failure of the Issuer to make interest and/or redemption payments under the Notes. This risk could result in a partial or total loss of an investor's investment in the Notes.

Noteholders are exposed to the risk that the market value of the Notes decreases if the creditworthiness of the Group worsens.

If the likelihood decreases that the Issuer will be in a position to fully perform all obligations assumed by it under the Notes when they fall due, the market value of the Notes will fall. In addition, even if such likelihood has not in fact decreased, market participants could nevertheless have a different perception and assume that the Issuer will not be in a position to fully perform all obligations assumed by it under the Notes when they fall due.

Furthermore, the market participants' assessment of the creditworthiness of corporate debtors in general or debtors operating in the same industry or region as the Group could adversely change.

If any of these risks materialises, third parties would only be willing to purchase Notes at a lower price than the price which prevailed before such risk materialised. Under these circumstances, the market value of the Notes is likely to decrease and Noteholders may incur losses on their investment.

Noteholders are exposed to the risk of a lack of influence on the Issuer

The Notes exclusively represent creditors' rights which do not confer shareholders' rights, in particular do not entitle Noteholders to participate in or vote at the shareholders' meeting of the Issuer. Noteholders are not able to impact the business policy or entrepreneurial decisions of the Issuer. The Issuer may therefore make decisions in the future that deviate from the information provided in this Prospectus which may adversely impact its ability to meet payment obligations under the Notes. If this was to occur, Noteholders may incur losses on their investment.

3.3. Risks associated with notes with a specific green use of proceeds

The Issuer intends to forward an amount equal to the net proceeds from the issue and sale of the Notes to UNIQA Österreich Versicherungen AG to finance and/or refinance Eligible Green Assets (as defined under "Use of Pro- ceeds" below).

The Noteholders should be aware that neither the Issuer nor any of the Joint Lead Managers can ensure that the use of proceeds for an Eligible Green Asset will satisfy, whether in whole or in part, any present or future Noteholder's expectations or requirements as regards any investment criteria or guideline with which such Noteholder or its investments are required to comply, whether by any present or future applicable law or regulation or by its own by- laws or other governing rules or investment portfolio mandates. Also, it may be the case that an Eligible Green Asset will not be implemented and/or completed (in whole or in part, and/or in accordance with any timing schedule). Any such event or failure by the Issuer or the Joint Lead Managers does not constitute a default of the Issuer under the Terms and Conditions. Similarly, any failure by the Issuer to provide any reporting or obtain any opinion will not constitute a default of the Issuer under the Terms and Conditions.

At present, the terms "green", "social" and "sustainable" are not clearly defined, nor is there market consensus as to what constitutes a "green" or "sustainable" or "social" or an equivalently-labelled project or asset or as to what precise attributes are required for a particular project or asset to be defined as "green" or "sustainable" or "social" or such other equivalent label. Thus, the necessary attributes of an asset to be deemed "green", "social" and "sustainable" are uncertain. Accordingly, it cannot be ensured that an Eligible Green Asset will meet a Noteholder's expectations regarding such "green", "social", "sustainable" or other equivalently-labelled performance objectives or that

- 15 -

any adverse environmental, social and/or other impacts will not occur during the implementation of such an Eligible Green Asset.

The Issuer mandated Sustainalytics UK Limited ("Sustainalytics") to provide a second party opinion in relation to the Notes (the "second party opinion") (see also section "General Information –Notes with a specific green use of proceeds"). However, the second party opinion or any third party opinion or rating (whether or not solicited by the Issuer or a Joint Lead Manager) issued in connection with an Eligible Green Asset might not fulfil any environmental, social, sustainability and/or other criteria required by a Noteholder. In this light, no assurance or representation is given as to the suitability or reliability for any purpose whatsoever of the second party opinion, any third party opinion or rating (whether or not solicited by the Issuer or a Joint Lead Manager) which will be made available in connection with the issue of the Notes and in particular with any Eligible Green Asset to fulfil any environmental, social, sustainability and/or other criteria.

Finally, if the Notes were listed or admitted to trading on any dedicated "green", "environmental", "sustainable" or "social" or other equivalently-labelled segment of any stock exchange or securities market (whether or not regulated), such listing or admission may not satisfy any present or future investor expectations or requirements with which such investor or its investments are required to comply. Furthermore, the listing criteria for any such dedicated market segment may vary from one stock exchange or securities market to another, any such listing or admission to trading may not be obtained or, if obtained, may not be maintained during the lifecycle of the Notes.

- 16 -

II. TERMS AND CONDITIONS OF THE NOTES

Diese Anleihebedingungen der Schuldverschreibun- These Terms and Conditions of the Notes are written gen sind in deutscher Sprache abgefasst. Eine Über- in the German language and provided with an English setzung in die englische Sprache ist beigefügt. Der language translation. The German text shall be con- deutsche Text ist bindend und maßgeblich. Die Über- trolling and binding. The English language transla- setzung in die englische Sprache ist unverbindlich. tion is provided for convenience only.

ANLEIHEBEDINGUNGEN DER TERMS AND CONDITIONS OF THE NOTES SCHULDVERSCHREIBUNGEN

§ 1 Währung, Festgelegte § 1 Currency, Specified Stückelung, Form Denomination, Form

(1) Währung; Festgelegte Stückelung. UNIQA In- (1) Currency; Specified Denomination. The Notes surance Group AG (die "Emittentin") begibt are issued by UNIQA Insurance Group AG (the Schuldverschreibungen (die "Schuldver- "Issuer") in Euro (the "Specified Currency"), schreibungen") in Euro (die "Festgelegte in the aggregate principal amount of Währung") im Gesamtnennbetrag von EUR 200,000,000, divided into notes in the EUR 200.000.000, eingeteilt in Schuldver- specified denomination of EUR 100,000 (the schreibungen in der festgelegten Stückelung "Specified Denomination") each (the "Notes") von je EUR 100.000 (die "Festgelegte Stücke- on 9 July 2020 (the "Issue Date"). lung") am 9. Juli 2020 (der "Begebungstag").

(2) Form. Die Schuldverschreibungen lauten auf (2) Form. The Notes are issued in bearer form. den Inhaber.

(3) Globalurkunde. Die Schuldverschreibungen (3) Global Note. The Notes are initially repre- sind zunächst in einer vorläufigen Globalur- sented by a temporary global note (the "Tem- kunde (die "Vorläufige Globalurkunde") porary Global Note") without interest cou- ohne Zinsscheine verbrieft. pons.

Die Vorläufige Globalurkunde wird insgesamt The Temporary Global Note will be exchange- oder teilweise und unentgeltlich am oder nach able, in whole or in part and free of charge, on dem Tag, der 40 Tage nach dem Tag der Bege- or after the day that is 40 days after the later of bung der Schuldverschreibungen oder 40 Tage the commencement of the offering and the date nach dem Tag des Beginns des Angebots liegt, of issue of the Notes for a permanent global je nachdem was später eintritt, gegen Nachweis note (the "Permanent Global Note") (the über das Nichtbestehen wirtschaftlichen U.S.- Temporary Global Note and the Permanent Eigentums im Sinne des U.S.-Rechts (non- U.S. Global Note, each a "Global Note") without in- beneficial ownership) in der in der Vorläufigen terest coupons upon certification as to non-U.S. Globalurkunde vorgesehenen Form, für den In- beneficial ownership in the form set out in the haber von Schuldverschreibungen gegen eine Temporary Global Note. The right of the Note- dauerhafte Globalurkunde (die "Dauer-Globa- holders (as defined below) to require the issue lurkunde") (die Vorläufige Globalurkunde und and delivery of definitive notes or interest cou- die Dauer- Globalurkunde jeweils auch eine pons is excluded. "Globalurkunde") ohne Zinsscheine ausge- tauscht. Ein Recht der Anleihegläubiger (wie nachstehend definiert) auf Ausgabe und Liefe- rung von Einzelurkunden oder Zinsscheinen besteht nicht.

(4) Clearingsystem. Die Vorläufige Globalurkunde (4) Clearing System. Each of the Temporary und die Dauer-Globalurkunde werden solange Global Note and the Permanent Global Note von einem Clearingsystem oder im Auftrag ei- will be held in custody by or on behalf of a nes Clearingsystems verwahrt, bis sämtliche Clearing System until all obligations of the Is- Verpflichtungen der Emittentin aus den suer under the Notes have been satisfied. Schuldverschreibungen erfüllt sind.

"Clearingsystem" bezeichnet jeweils Euro- "Clearing System" means each of Euroclear clear Bank SA/NV, 1 Boulevard du Roi Albert Bank SA/NV, 1 Boulevard du Roi Albert II, B-

- 17 -

II, B-1210 Brüssel, Belgien und Clearstream 1210 Brussels, Belgium and Clearstream Bank- Banking S.A., 42 Avenue JF Kennedy, L-1855 ing S.A., 42 Avenue JF Kennedy, L-1855 Lux- Luxemburg, sowie jeden Funktionsnachfolger. embourg, and any successor in such capacity.

(5) Signaturen. Die Vorläufige Globalurkunde und (5) Signatures. The Temporary Global Note and die Dauer-Globalurkunde tragen jeweils die ei- the Permanent Global Note shall each bear the genhändigen Unterschriften von zwei Vertre- manual signatures of two duly authorised offic- tungsberechtigten der Emittentin sowie die ei- ers of the Issuer as well as the manual signature genhändige Unterschrift eines Kontrollbeauf- of an authentication officer of the Fiscal Agent tragten des Fiscal Agent (wie nachstehend de- (as defined below). finiert).

(6) Anleihegläubiger. Jedem Inhaber von Schuld- (6) Noteholders. Each Holder of Notes (collec- verschreibungen (jeweils ein "Anleihegläubi- tively the "Noteholders") is entitled to co-own- ger") stehen Miteigentumsanteile oder ver- ership participations or other comparable rights gleichbare andere Rechte an der Globalurkunde in the Global Note, which are transferable in ac- zu, die gemäß anwendbarem Recht und den cordance with applicable laws and the rules and Bestimmungen und Regeln des Clearingsys- regulations of the Clearing System. tems übertragen werden können.

§ 2 Status § 2 Status

(1) Status. Die Schuldverschreibungen begründen (1) Status. The obligations under the Notes consti- nicht besicherte Verbindlichkeiten der Emitten- tute unsecured obligations of the Issuer ranking tin, die untereinander gleichrangig sind. pari passu among themselves.

Die Verbindlichkeiten der Emittentin aus den The obligations of the Issuer under the Notes Schuldverschreibungen sind nachrangig gegen- rank subordinated to the Issuer's Senior Rank- über den Vorrangigen Verbindlichkeiten der ing Debt. Emittentin.

Im Fall der Liquidation, der Auflösung oder der In the event of the liquidation, dissolution, or Insolvenz der Emittentin oder eines Vergleichs insolvency of the Issuer, or composition or any oder eines anderen der Abwendung der Insol- other proceedings for the avoidance of insolvenz dienenden Verfahrens gegen die Emitten- vency against, the Issuer, the claims of the tin werden die Ansprüche der Anleihegläubiger Noteholders under the Notes will be satisfied aus den Schuldverschreibungen erst nach allen after the Issuer's Senior Ranking Debt. In any Vorrangigen Verbindlichkeiten der Emittentin such event, Noteholders will not receive any bedient. In einem solchen Fall werden die An- amounts payable in respect of the Notes until leihegläubiger keine Zahlungen auf die Schuld- the claims of all Issuer's Senior Ranking Debt verschreibungen erhalten, bis alle Ansprüche (as defined below) have first been satisfied in aus den Vorrangigen Verbindlichkeiten der full. Emittentin (wie nachstehend definiert) voll- ständig bedient sind.

Für die Verbindlichkeiten der Emittentin aus No security of whatever kind securing the obli- diesen Schuldverschreibungen ist den Anlei- gations of the Issuer under the Notes is, or shall hegläubigern keine Sicherheit durch die Emit- at any time be, provided by the Issuer or any tentin oder durch Dritte gestellt; eine solche Si- other person to the Noteholders. cherheit wird auch zu keinem Zeitpunkt gestellt werden.

Kein Anleihegläubiger ist berechtigt, Forderun- No Noteholder may set off any claims arising gen aus den Schuldverschreibungen gegen et- under the Notes against any claims that the Is- waige Forderungen der Emittentin gegen ihn suer may have against it. The Issuer may not set aufzurechnen. Die Emittentin ist nicht berech- off any claims it may have against any Note- tigt, Forderungen gegenüber einem Anleihe- holder against any of its obligations under the gläubiger mit den Verpflichtungen aus den Notes. Schuldverschreibungen aufzurechnen.

"Vorrangige Verbindlichkeiten der Emitten- "Issuer's Senior Ranking Debt" means all of tin" bezeichnet: the Issuer's:

- 18 -

(a) alle aktuellen und zukünftigen nicht (a) present or future unsubordinated obliga- nachrangigen Verbindlichkeiten der tions including claims of all policy Emittentin, einschließlich der Ansprü- holders and beneficiaries; and che aller Versicherungsnehmer und Anspruchsberechtigten; und

(b) alle nachrangigen Verbindlichkeiten (b) subordinated obligations required to be der Emittentin, die aufgrund zwingen- preferred to the obligations of the Issuer der gesetzlicher Bestimmungen vorran- under the Notes by mandatory provisions gig vor den Verbindlichkeiten der of law. Emittentin aus den Schuldverschrei- bungen sind.

(2) Zahlungsbedingungen, (vorinsolvenzli- (2) Payment conditions, (Pre-Insolvency) Payment ches) Zahlungsverbot. Bereits vor Ein- Prohibition. Prior to the commencement of any leitung eines Insolvenz- oder Liquidati- insolvency or liquidation proceedings over the onsverfahrens über das Vermögen der assets of the Issuer Emittentin steht

(a) jede Zahlung von Zinsen auf die (a) any payment of interest on the Notes and Schuldverschreibungen und jede Nach- any payment of Arrear of Interest (as de- zahlung von Zinsrückständen (wie fined below) will be subject to the condi- nachstehend definiert) unter dem Vor- tions set forth in § 3(8) and § 3(9) being behalt der Erfüllung der Bedingungen fulfilled; and gemäß § 3(8) und § 3(9); und

(b) jede Rückzahlung und jeder Rückkauf (b) any redemption and any repurchase of der Schuldverschreibungen unter dem the Notes will be subject to the Condi- Vorbehalt der Erfüllung der Rückzah- tions to Redemption (as defined in § lungsbedingungen (wie in § 4(5) be- 4(5)). stimmt).

Zu den Bedingungen gemäß § 3(8) und § 3(9) The conditions set forth in § 3(8) and § 3(9) and und zu den Rückzahlungsbedingungen gehört the Conditions to Redemption include the con- die Bedingung, dass an dem Tag, an dem der dition that, on the date on which the relevant betreffende Betrag von Kapital oder Zinsen (o- amount of principal or interest (or Arrear of In- der Zinsrückständen) zur Zahlung vorgesehen terest) is scheduled to be paid, neither an Insol- ist, weder ein Insolvenzereignis (wie nachste- vency Event (as defined below) has occurred hend definiert) eingetreten ist und an diesem and is continuing on such date nor that such Tag fortbesteht noch die Zahlung ein Insol- payment would cause or accelerate the occur- venzereignis (wie nachstehend definiert) auslö- rence of an Insolvency Event as defined be- sen oder dessen Eintritt beschleunigen würde. low).

Das bedeutet, dass die Anleihegläubiger bereits This means that already prior to the commence- vor Einleitung eines Insolvenz- oder Liquidati- ment of any insolvency or liquidation proceed- onsverfahrens über das Vermögen der Emitten- ings over the assets of the Issuer the Notehold- tin nur dann einen fälligen Anspruch auf die be- ers will only have a due and payable (fällig) treffende vorgesehene Zahlung von Zinsen, claim for the relevant scheduled payment of in- Nachzahlung von Zinsrückständen oder Rück- terest, payment of Arrear of Interest or for re- zahlung haben, sofern kein Eröffnungsgrund demption if no reason for the opening of insol- für ein Insolvenzverfahren im Sinne der An- vency proceedings in respect of the Issuer in ac- wendbaren Insolvenzrechtlichen Vorschriften cordance with the Applicable Insolvency Reg- (wie nachstehend definiert) vorliegt und die ulations as defined below) exists and if the pay- Zahlung des betreffenden Betrages nicht die In- ment of the relevant amount would not cause solvenz der Emittentin verursachen oder den the insolvency of the Issuer or accelerate the Prozess der Insolvenz der Emittentin beschleu- process of the Issuer becoming insolvent. nigen würde.

Diese Zahlungsbedingungen begründen ein These payment conditions constitute a prohibi- Zahlungsverbot dahingehend, dass Zahlungen tion to pay meaning that any payment on the auf die Schuldverschreibungen von der Emit- Notes may only be made by the Issuer if it is tentin nur nach Maßgabe der vorgenannten Be- made in accordance with the aforementioned dingungen geleistet werden dürfen. conditions. Any payment made in breach of this

- 19 -

Verbotswidrige Zahlungen sind der Emittentin prohibition must be repaid to the Issuer irre- ohne Rücksicht auf entgegenstehende Verein- spective of any agreement to the contrary. barungen zurück zu zahlen.

Ein "Insolvenzereignis" ist eingetreten, wenn An "Insolvency Event" will have occurred if a bezüglich der Emittentin ein Eröffnungsgrund reason for the opening of insolvency proceed- für ein Insolvenzverfahren im Sinne des § 66 ings in respect of the Issuer within the meaning (Zahlungsunfähigkeit) oder § 67 (Überschul- of § 66 (Zahlungsunfähigkeit) or § 67 dung) der österreichischen Insolvenzordnung (Überschuldung) of the Austrian Insolvency (IO) oder nach Maßgabe sonstiger Anwendba- Act (Insolvenzordnung) or in accordance with rer Insolvenzrechtlicher Vorschriften vorliegt. any other Applicable Insolvency Regulations exists.

"Anwendbare Insolvenzrechtliche Vor- "Applicable Insolvency Regulations" means schriften" bezeichnet die Vorschriften des the provisions of the relevant insolvency laws, maßgeblichen Insolvenzrechts, einschließlich including (but not limited to) the Austrian In- (aber nicht nur) der österreichischen Insolvenz- solvency Act (Insolvenzordnung - IO), and any ordnung (IO) und darauf bezogene Regelungen rules and regulations thereunder (including the und Verordnungen (einschließlich des österrei- Austrian Insurance Supervision Act 2016 (Ver- chischen Versicherungsaufsichtsgesetzes 2016, sicherungsaufsichtsgesetz 2016) and any appli- der Gerichtspraxis und einschlägiger Gerichts- cable decision of a court) applicable to the Is- entscheidungen), die jeweils in Bezug auf die suer, as amended from time to time. Emittentin, in der jeweils gültigen Fassung, anwendbar sind.

§ 3 Zinsen § 3 Interest

(1) Festzins (1) Fixed Rate Interest (a) In dem Zeitraum ab dem 9. Juli 2020 (der (a) In the period from and including 9 July "Zinslaufbeginn") (einschließlich) bis 2020 (the "Interest Commencement zum 9. Oktober 2025 (der "Erste Reset- Date") to but excluding 9 October 2025 termin") (ausschließlich) wird jede (the "First Reset Date") each Note bears Schuldverschreibung bezogen auf ihre interest on its Specified Denomination at Festgelegte Stückelung mit jährlich a rate of 3.25 per cent. per annum. 3,25 % verzinst.

Bis zum Ersten Resettermin (ausschließ- Until and excluding the First Reset Date, lich) sind die Zinsen nachträglich am 9. interest is scheduled to be paid in arrear Oktober eines jeden Jahres (jeweils ein on 9 October of each year (each a "Fixed "Festzins-Zinszahlungstag"), begin- Interest Payment Date"), commencing nend am 9. Oktober 2020 (erste kurze on 9 October 2020 (short first coupon) Zinsperiode) zur Zahlung vorgesehen and will be due and payable (fällig) in ac- und werden gemäß § 3(8) und § 3(9) fäl- cordance with the conditions set forth in lig. § 3(8) and § 3(9).

Die erste Zinszahlung beläuft sich auf ei- The first payment of interest will amount nen Bruchteilszinsbetrag von EUR to an initial broken interest amount of 819,18 je Festgelegter Stückelung. EUR 819.18 per Specified Denomina- tion.

(b) Die Zinsen für einen beliebigen Zeitraum (b) Interest for any period of time (other than (ausgenommen ist ein etwaiger Zeit- any period of time for which a broken in- raum, für den ein Bruchteilzinsbetrag terest amount has been fixed) to but ex- festgelegt ist) bis zum Ersten Resetter- cluding the First Reset Date will be cal- min (ausschließlich) werden auf der culated on the basis of the Fixed Day Grundlage des Festzins-Zinstagequoti- Count Fraction. enten berechnet.

(c) "Fixed Day Count Fraction" means, in (c) "Festzins-Zinstagequotient" bezeichnet respect of the calculation of an amount of im Hinblick auf die Berechnung eines Be- interest on any Note for any period of trages von Zinsen auf jede Schuldver- time (from and including the first day of schreibung für einen beliebigen Zeitraum such period to but excluding the last day (ab dem ersten Tag dieses Zeitraums

- 20 -

(einschließlich) bis zum letzten Tag dieses of such period) (the "Calculation Pe- Zeitraums (ausschließlich)) (der "Zinsbe- riod"): rechnungszeitraum"):

(i) wenn der Zinsberechnungszeitraum (i) if the Calculation Period is equal to der Feststellungsperiode (wie nach- or shorter than the Determination stehend definiert) entspricht, in die er Period (as defined below) during fällt, oder kürzer als diese ist, die An- which it falls, the number of days zahl von Tagen in dem Zinsberech- in the Calculation Period divided nungszeitraum dividiert durch das by the product of (a) the number of Produkt (a) der Anzahl von Tagen in days in such Determination Period der betreffenden Feststellungsperi- and (b) the number of Determina- ode und (b) der Anzahl von Zinsbe- tion Periods normally ending in rechnungszeiträumen die durch- any year; and schnittlich in einem Jahr anfallen; und

(ii) wenn der Zinsberechnungszeitraum (ii) if the Calculation Period is longer länger als eine Feststellungsperiode than one Determination Period, the ist, die Summe aus: sum of: (A) the number of days in such (A) der Anzahl der Tage in dem be- Calculation Period falling in treffenden Zinsberechnungs- the Determination Period in zeitraum, die in die Feststel- which the Calculation Pe- lungsperiode fallen, in der der riod begins divided by the Zinsberechnungszeitraum be- number of days in such De- ginnt, dividiert durch die An- termination Period; and zahl der Tage in der betreffenden Feststellungsperiode; und (B) the number of days in such (B) der Anzahl der Tage in dem be- Calculation Period falling in treffenden Zinsberechnungs- the next Determination Pe- zeitraum, die in die nachfol- riod divided by the number gende Feststellungsperiode fal- of days in such Determina- len, dividiert durch die Anzahl tion Period. der Tage in der betreffenden Feststellungsperiode.

Dabei gilt Folgendes: Where:

"Feststellungsperiode" bezeichnet jede Peri- "Determination Period" means each period ode ab dem 9. Oktober (einschließlich), der in from and including 9 October in any year to but ein beliebiges Jahr fällt, bis zum nächsten 9. excluding the next 9 October. Oktober (ausschließlich).

"Festzins-Zinsperiode" bezeichnet jeden Zeit- "Fixed Interest Period" means each period raum ab dem Zinslaufbeginn (einschließlich) from and including the Interest Commence- bis zum ersten Festzins-Zinszahlungstag (aus- ment Date to but excluding the first Fixed In- schließlich) und nachfolgend ab jedem Fest- terest Payment Date and thereafter from and in- zins-Zinszahlungstag (einschließlich) bis zu cluding each Fixed Interest Payment Date to dem jeweils nächstfolgenden Festzins-Zinszah- but excluding the next following Fixed Interest lungstag (ausschließlich). Payment Date.

(2) Variabler Zins. (2) Floating Rate Interest. (a) Floating Rate Interest Payment Dates. (a) Variable Zinszahlungstage.

(i) Jede Schuldverschreibung wird be- (i) Each Note bears interest on its zogen auf ihre Festgelegte Stücke- Specified Denomination at the rate lung für die jeweilige Variable per annum equal to the Floating Zinsperiode (wie nachstehend defi- Rate of Interest (as defined below) niert) mit einem jährlichen Satz, for the relevant Floating Interest der dem Variablen Zinssatz (wie Period. During each such Floating

- 21 -

nachstehend definiert) entspricht, Interest Period interest is sched- verzinst. Während einer jeden sol- uled to be paid in arrear on each chen Variablen Zinsperiode sind Floating Interest Payment Date die Zinsen nachträglich an jedem and will be due and payable (fällig) Variablen Zinszahlungstag zur in accordance with the conditions Zahlung vorgesehen und werden set forth in § 3(8) and § 3(9). The gemäß § 3(8) und § 3(9) fällig. Der Floating Interest Amount sched- zur Zahlung vorgesehene Variable uled to be paid shall be determined Zinsbetrag wird gemäß § 3(5) be- in accordance with § 3(5). rechnet.

(ii) "Variabler Zinszahlungstag" be- (ii) "Floating Interest Payment zeichnet, vorbehaltlich der Variablen Date" means, subject to the Float- Geschäftstagekonvention (wie nach- ing Business Day Convention (as stehend definiert), den 9. Januar, 9. defined below), 9 January, 9 April, April, 9. Juli und 9. Oktober eines je- 9 July and 9 October in each year. den Jahres. Der erste Variable Zins- The first Floating Interest Payment zahlungstag ist, vorbehaltlich der Va- Date will be 9 January 2026, sub- riablen Geschäftstagekonvention, der ject to the Floating Business Day 9. Januar 2026. Convention.

(iii) "Variable Geschäftstagekonven- (iii) "Floating Business Day Conven- tion" hat die folgende Bedeutung: tion" has the following meaning: If Fällt ein Variabler Zinszahlungstag any Floating Interest Payment auf einen Tag, der kein Geschäftstag Date would otherwise fall on a day (wie nachstehend definiert) ist, so which is not a Business Day (as de- wird der Variable Zinszahlungstag fined below), the Floating Interest auf den nächstfolgenden Geschäfts- Payment Date shall be postponed tag verschoben, es sei denn, jener to the next day which is a Business würde dadurch in den nächsten Ka- Day unless it would thereby fall lendermonat fallen; in diesem Fall into the next calendar month, in wird der Variable Zinszahlungstag which event the Floating Interest auf den unmittelbar vorausgehenden Payment Date shall be brought for- Geschäftstag vorgezogen. ward to the immediately preceding Business Day. (b) Floating Rate of Interest. The "Floating (b) Variabler Zinssatz. Der "Variable Zins- Rate of Interest" for each Floating Inter- satz" für jede Variable Zinsperiode (wie est Period (as defined below) will be a nachstehend definiert) ist der Zinssatz per rate per annum equal to the Reference annum, der dem Referenzsatz (wie in § Rate (as defined in § 3(3)) plus the Initial 3(3) definiert) zuzüglich dem Ursprüngli- Credit Spread (as defined below), plus, chen Credit Spread wie nachstehend defi- as of Floating Interest Payment Date fall- niert), zuzüglich ab dem Variablen Zins- ing 10 years after the Issue Date, the zahlungstag, der 10 Jahre nach dem Bege- Margin (as defined below). bungstag liegt, der Marge (wie nachstehend definiert) entspricht. (c) Definitions. In these Terms and Condi- (c) Definitionen. In diesen Anleihebedingun- tions: gen gilt Folgendes: "Business Day" means a day which is a "Geschäftstag" bezeichnet einen Tag day (other than a Saturday or a Sunday) (außer einem Samstag oder Sonntag), (i) on which both (i) the Clearing System an dem das Clearingsystem und (ii) alle and (ii) all relevant parts of the Trans-Eu- betroffenen Bereiche des Trans-Euro- ropean Automated Real-time Gross set- pean Automated Real-time Gross settle- tlement Express Transfer system 2 ment Express Transfer system 2 (TAR- (TARGET) are open to effect payments. GET) geöffnet sind, um Zahlungen abzuwickeln. "Initial Credit Spread" means 3.7 per "Ursprünglicher Credit Spread" be- cent. per annum. zeichnet 3,7 % per annum. "Margin" means 1 per cent. per annum. "Marge" bezeichnet 1 % per annum.

- 22 -

(d) "Floating Interest Period" means each (d) "Variable Zinsperiode" bezeichnet jeden period from and including the First Reset Zeitraum ab dem Ersten Resettermin (ein- Date to but excluding the first Floating schließlich) bis zum ersten Variablen Interest Payment Date and thereafter Zinszahlungstag (ausschließlich) und from and including each Floating Interest nachfolgend ab jedem Variablen Zinszah- Payment Date to but excluding the fol- lungstag (einschließlich) bis zu dem je- lowing Floating Interest Payment Date weils nächstfolgenden Variablen Zinszah- lungstag (ausschließlich). "Floating Day Count Fraction" means "Variabler Zinstagequotient" bezeich- in respect of the calculation of the Float- net im Hinblick auf die Berechnung des ing Interest Amount (as defined in § 3(5)) Variablen Zinsbetrages (wie in § 3(5) de- on the Notes for any period of time (from finiert) auf die Schuldverschreibungen für and including the first day of such period einen beliebigen Zeitraum (ab dem ersten to but excluding the last day of such pe- Tag dieses Zeitraums (einschließlich) bis riod) (whether or not constituting a Float- zum letzten Tag dieses Zeitraums (aus- ing Interest Period, the "Floating Calcu- schließlich)) (unabhängig davon, ob es lation Period") the actual number of sich dabei um eine Variable Zinsperiode days in the Floating Calculation Period handelt, der "Variable Zinsberech- divided by 360 (actual/360). nungszeitraum") die tatsächliche Anzahl der Tage im Variablen Zinsberechnungs- zeitraum dividiert durch 360 (Actual/360). "Interest Determination Date" means "Zinsfestsetzungstag" bezeichnet den the second TARGET Business Day prior zweiten TARGET-Geschäftstag vor Be- to the commencement of the relevant ginn der jeweiligen Variablen Zinsperi- Floating Interest Period. ode. "Interest Period" means each Fixed In- "Zinsperiode" bezeichnet jede Festzins- terest Period and each Floating Interest Zinsperiode und jede Variable Zinsperi- Period. ode. "Interest Payment Date" means each "Zinszahlungstag" bezeichnet jeden Fest- Fixed Interest Payment Date and each zins-Zinszahlungstag und jeden Variablen Floating Interest Payment Date. Zinszahlungstag.

(3) Feststellung des Referenzsatzes. (3) Determination of the Reference Rate.

Die Berechnungsstelle bestimmt an jedem The Calculation Agent will determine the rele- Zinsfestsetzungstag den betreffenden Refe- vant Reference Rate in accordance with this § renzsatz nach Maßgabe dieses § 3(3). 3(3) on each Interest Determination Date.

Der "Referenzsatz" für jede Variable Zins- The "Reference Rate" for each Floating Inter- periode wird wie folgt bestimmt: est Period will be determined as follows: (a) For each Floating Interest Period begin- (a) Für jede Variable Zinsperiode, die ning prior to the occurrence of the rele- vor dem Eintritt des jeweiligen Stich- vant Effective Date (as defined in § tags (wie in § 3(4)(g) definiert) be- 3(4)(g)), the Reference Rate will be ginnt, entspricht der Referenzsatz equal to the Original Benchmark Rate (as dem Ursprünglichen Benchmarksatz defined below) on the relevant Interest (wie nachstehend definiert) an dem Determination Date. betreffenden Zinsfestsetzungstag. If the Original Benchmark Rate does not Falls der Ursprüngliche Benchmark- appear on the Screen Page (as defined be- satz zu dem betreffenden Zeitpunkt low) as at such time on the relevant Inter- an dem betreffenden Zinsfestset- est Determination Date, the "Reference zungstag nicht auf der Bildschirm- Rate" will be equal to the Reference seite (wie nachstehend definiert) an- Bank Rate (as defined below) on that In- gezeigt wird, entspricht der "Refe- terest Determination Date. renzsatz" dem Referenzbankensatz (wie nachstehend definiert) an

- 23 -

diesem betreffenden Zinsfestset- zungstag. If the Reference Bank Rate cannot be de- Falls der Referenzbankensatz nicht termined in accordance with the defini- gemäß der Definition dieses Begriffs tion of such term, but no Benchmark festgestellt werden kann aber kein Event (as defined below) has occurred, Benchmark-Ereignis (wie nachste- the "Reference Rate" shall be equal to the hend definiert) vorliegt, entspricht Original Benchmark Rate on the Screen der "Referenzsatz" dem Ursprüngli- Page on the last day preceding the Inter- chen Benchmarksatz auf der Bild- est Determination Date on which such schirmseite an dem letzten Tag vor Original Benchmark Rate was displayed. dem Zinsfestsetzungstag, an dem dieser Ursprüngliche Benchmarksatz angezeigt wurde. (b) For each Floating Interest Period com- (b) Für jede Variable Zinsperiode, die an oder mencing on or after the relevant Effec- nach dem jeweiligen Stichtag beginnt, tive Date, the "Reference Rate" will be wird der "Referenzsatz" gemäß § 3(3) be- determined in accordance with § 3(3). stimmt.

"Ursprünglicher Benchmarksatz" an einem "Original Benchmark Rate" on any day Tag ist die um 11:00 Uhr (Brüsseler Ortszeit) means the 3-months Euro Interbank Offered gefixte und auf der Bildschirmseite angezeigte Rate (expressed as a percentage rate per an- 3-Monats Euro Interbank Offered Rate (ausge- num) fixed at, and appearing on, the Screen drückt als Prozentsatz per annum) an diesem Page as of 11.00 a.m. (Brussels time) on such Tag. day.

"Referenzbankensatz" bezeichnet den (als "Reference Bank Rate" means the rate (ex- Prozentsatz per annum ausgedrückten) Satz für pressed as a percentage rate per annum) at Einlagen in Euro für die betreffende Variable which the Reference Banks (as defined below) Zinsperiode und über einen Repräsentativen offer to prime banks in the Euro-Zone interbank Betrag (wie nachstehend definiert, auf Grund- market and in a Representative Amount (as de- lage des Actual/360 Zinstagequotienten), den fined below), assuming an Actual/360 day die Referenzbanken (wie nachstehend defi- count basis, deposits in Euro at approximately niert) gegenüber führenden Banken im Inter- 11:00 a.m. (Brussels time) on the relevant In- bankenmarkt der Euro-Zone um ca. 11:00 Uhr terest Determination Date for the relevant (Brüsseler Ortszeit) an dem betreffenden Zins- Floating Interest Period determined as follows: festsetzungstag quotieren, und der wie folgt be- The Issuer shall request each of the Reference stimmt wird: Die Emittentin wird jede Refe- Banks to provide the Calculation Agent with its renzbank bitten, der Berechnungsstelle ihren offered quotation. If two or more of the Refer- Angebotssatz mitzuteilen. Falls zwei oder mehr ence Banks provide the Calculation Agent with Referenzbanken der Berechnungsstelle solche such offered quotations, the Reference Rate for Angebotssätze nennen, ist der Referenzsatz für such Floating Interest Period shall be the arith- die betreffende Variable Zinsperiode das arithmetic mean (rounded if necessary to the nearest metische Mittel (falls erforderlich, auf- oder ab- one thousandth of a percentage point, with gerundet auf das nächste tausendstel Prozent, 0.0005 being rounded upwards) of such offered wobei 0,0005 aufgerundet wird) dieser Ange- quotations, all as determined by the Calculation botssätze, wobei alle Feststellungen durch die Agent. Berechnungsstelle erfolgen.

Falls an dem betreffenden Zinsfestsetzungstag If on the relevant Interest Determination Date nur eine oder keine der Referenzbanken der Be- only one or none of the Reference Banks pro- rechnungsstelle die im vorstehenden Absatz be- vides the Calculation Agent with such offered schriebenen Angebotssätze nennt, ist der Refe- quotations as provided in the preceding para- renzbankensatz für die betreffende Variable graph, the Reference Bank Rate for the relevant Zinsperiode der Satz per annum, den die Be- Floating Interest Period shall be the rate per an- rechnungsstelle als das arithmetische Mittel num which the Calculation Agent determines (falls erforderlich, auf- oder abgerundet auf das as being the arithmetic mean (rounded if neces- nächste tausendstel Prozent, wobei 0,0005 auf- sary to the nearest one thousandth of a percent- gerundet wird) der Sätze ermittelt, die von der age point, with 0.0005 being rounded upwards) Emittentin ausgewählte Großbanken im Inter- of the rates, as communicated at approximately bankenmarkt der Euro-Zone um ca. 11:00 Uhr 11:00 a.m. (Brussels time) at the request of the (Brüsseler Ortszeit) der Berechnungsstelle auf Issuer to the Calculation Agent by major banks Bitte der Emittentin als den jeweiligen Satz in the Euro-Zone interbank market, selected by

- 24 -

nennen, zu dem sie an dem betreffenden Zins- the Issuer, at which such banks offer, on the rel- festsetzungstag Darlehen in Euro für die betref- evant Interest Determination Date, loans in fende Variable Zinsperiode und über einen Re- Euro for the relevant Floating Interest Period präsentativen Betrag gegenüber führenden eu- and in a Representative Amount to leading Eu- ropäischen Banken anbieten. ropean banks.

Dabei gilt Folgendes: Where:

"Bildschirmseite" bezeichnet die Reuters Bild- "Screen Page" means the Reuters screen page schirmseite EURIBOR01 oder eine andere EURIBOR01 or such other screen page of Reu- Bildschirmseite von Reuters oder von einem ters or such other information service which is anderen Informationsanbieter als Nachfolger, the successor to the Reuters screen page EURI- welche die Reuters Bildschirmseite EURI- BOR01. BOR01 ersetzt.

"Euro-Zone" bezeichnet das Gebiet derjenigen "Euro-zone" means the region comprised of Mitgliedstaaten der Europäischen Union, die those member states of the European Union that gemäß dem Vertrag über die Gründung der Eu- have adopted, or will have adopted from time ropäischen Gemeinschaft (unterzeichnet in to time, the single currency in accordance with Rom am 25. März 1957), geändert durch den the Treaty establishing the European Commu- Vertrag über die Europäische Union (unter- nity (signed in Rome on 25 March 1957), as zeichnet in Maastricht am 7. Februar 1992) und amended by the Treaty on European Union den Amsterdamer Vertrag vom 2. Oktober (signed in Maastricht on 7 February 1992) and 1997, in seiner jeweiligen Fassung, eine ein- the Amsterdam Treaty of 2 October 1997, as heitliche Währung eingeführt haben oder je- further amended from time to time. weils eingeführt haben werden.

"Referenzbanken" bezeichnet die Hauptnie- "Reference Banks" means the principal Euro- derlassungen von vier von der Emittentin aus- zone office of four major banks in the Euro- gewählten großen Banken im Interbanken- zone interbank market, in each case selected by markt der Euro-Zone. the Issuer.

"Repräsentativer Betrag" bezeichnet einen "Representative Amount" means an amount Betrag, der zu dem betreffenden Zeitpunkt in that is representative for a single transaction in dem jeweiligen Markt für eine einzelne Trans- the relevant market at the relevant time. aktion repräsentativ ist.

"TARGET-Geschäftstag" bezeichnet einen "TARGET Business Day" means a day on Tag, an dem das Trans-European Automated which the Trans-European Automated Real- Real-time Gross settlement Express Transfer time Gross settlement Express Transfer system system 2 (TARGET) betriebsbereit ist. 2 (TARGET) is operating.

(4) Benchmark-Ereignis. (4) Benchmark Event.

Wenn ein Benchmark-Ereignis (wie in If a Benchmark Event (as defined in § 3(4)(f)) § 3(4)(f) definiert) in Bezug auf den Ur- occurs in relation to the Original Benchmark sprünglichen Benchmarksatz eintritt, gilt Rate, the relevant Reference Rate and the inter- für die Bestimmung des betreffenden Refe- est on the Notes in accordance with § 3(3) will renzsatzes und die Verzinsung der Schuld- be determined as follows: verschreibungen gemäß § 3(3) Folgendes: (a) Independent Adviser. The Issuer shall, as (a) Unabhängiger Berater. Die Emittentin soon as this is (in the Issuer's view) re- wird sich bemühen, sobald dies (nach quired following the occurrence of the Ansicht der Emittentin) nach Eintritt Benchmark Event and prior to the next des Benchmark-Ereignisses und vor Interest Determination Date, endeavour dem nächsten Zinsfestsetzungstag er- to appoint an Independent Adviser (as forderlich ist, einen Unabhängigen Be- defined in § 3(4)(f)), who will determine rater (wie in § 3(4)(f) definiert) zu be- a New Benchmark Rate (as defined in § nennen, der einen Neuen Benchmark- 3(4)(f)), the Adjustment Spread (as de- satz (wie in § 3(4)(f) definiert), die An- fined in § 3(4)(f)) and any Benchmark passungsspanne (wie in § 3(4)(f) defi- Amendments (in accordance with § niert) und etwaige Benchmark-Ände- 3(4)(d)). rungen (gemäß § 3(4)(d)) festlegt.

- 25 -

(b) Fallback rate. If, prior to the 10th Busi- (b) Ausweichsatz (Fallback). Wenn vor dem ness Day prior to the relevant Interest 10. Geschäftstag vor dem betreffenden Determination Date, Zinsfestsetzungstag,

(i) die Emittentin keinen Unabhängigen (i) the Issuer does not appoint an In- Berater ernennt; oder dependent Adviser; or

(ii) der ernannte Unabhängige Berater (ii) the Independent Adviser appointed keinen Neuen Benchmarksatz, keine by it does not determine a New Anpassungsspanne oder keine Benchmark Rate, an Adjustment Benchmark-Änderungen (sofern er- Spread or any Benchmark Amend- forderlich) gemäß diesem § 3(4) fest- ments (if required) in accordance legt, with this § 3(4), the Reference Rate applicable to the im- dann entspricht der Referenzsatz für die mediately following Floating Interest Pe- nächste Variable Zinsperiode dem an dem riod shall be the Reference Rate deter- letzten, unmittelbar vor Eintritt des rele- mined on the last Interest Determination vanten Stichtags liegenden Zinsfestset- Date immediately preceding the relevant zungstag festgestellten Referenzsatz. Effective Date.

If this § 3(4)(b) is to be applied on the Falls dieser § 3(4)(b) bereits an dem Zins- first Interest Determination Date prior to festsetzungstag vor Beginn der ersten Vari- the commencement of the first Floating ablen Zinsperiode angewendet werden Interest Period, the Reference Rate appli- muss, entspricht der Referenzsatz für die cable to the first Floating Interest Period erste Variable Zinsperiode -0,429 % per shall be -0.429 per cent. per annum. annum. If the fallback rate determined in accord- Falls der gemäß diesem § 3(4)(b) be- ance with this § 3(4)(b) is to be applied, stimmte Ausweichsatz (Fallback) zur An- § 3(4) will be operated again to deter- wendung kommt, wird § 3(4) erneut ange- mine the Reference Rate applicable to wendet, um den Referenzsatz für die the next subsequent (and, if required, fur- nächste nachfolgende (und, sofern notwen- ther subsequent) Floating Interest Pe- dig, weitere nachfolgende) Variable Zins- riod(s). periode(n) zu bestimmen. (c) Successor Benchmark Rate or Alterna- (c) Nachfolge-Benchmarksatz oder Alterna- tive Benchmark Rate. If the Independent tiv-Benchmarksatz. Falls der Unabhängige Adviser determines in its reasonable dis- Berater nach billigem Ermessen feststellt, cretion that:

(i) dass es einen Nachfolge- (i) there is a Successor Benchmark Benchmarksatz (wie in Rate (as defined in § 3(4)(f)), then § 3(4)(f) definiert) gibt, dann such Successor Benchmark Rate shall subsequently be the New ist dieser Nachfolge-Bench- Benchmark Rate (as defined in § marksatz der Neue Bench- 3(4)(f)); or marksatz (wie in § 3(4)(f) definiert); oder

(ii) dass es keinen Nachfolge- (ii) there is no Successor Benchmark Benchmarksatz aber einen Al- Rate but that there is an Alternative ternativ-Benchmarksatz (wie Benchmark Rate (as defined in § 3(4)(f)), then such Alternative in § 3(4)(f) definiert) gibt, Benchmark Rate shall subse- dann ist dieser Alternativ- quently be the New Benchmark Benchmarksatz der Neue Rate. Benchmarksatz. In either case the "Reference Rate" for In beiden Fällen entspricht der "Referenz- the immediately following Floating In- satz" für die unmittelbar nachfolgende Va- terest Period and all following Floating riable Zinsperiode und alle folgenden Vari- Interest Periods, subject to § 3(4)(j), will ablen Zinsperioden vorbehaltlich § 3(4)(j) then be (x) the New Benchmark Rate on dann (x) dem Neuen Benchmarksatz an

- 26 -

dem betreffenden Zinsfestsetzungstag zu- the relevant Interest Determination Date züglich (y) der Anpassungsspanne. plus (y) the Adjustment Spread.

(d) Benchmark Amendments. If any relevant (d) Benchmark-Änderungen. Wenn ein Neuer New Benchmark Rate and the applicable Benchmarksatz und die entsprechende Adjustment Spread are determined in ac- Anpassungsspanne gemäß diesem § 3(4) cordance with this § 3(4), and if the In- festgelegt werden, und wenn der Unab- dependent Adviser determines that hängige Berater feststellt, dass Änderun- amendments to these Terms and Condi- gen hinsichtlich dieser Anleihebedingun- tions are necessary to ensure the proper gen notwendig sind, um die ordnungsge- operation of such New Benchmark Rate mäße Anwendung des Neuen Benchmark- and the applicable Adjustment Spread satzes und der entsprechenden Anpas- (such amendments, the "Benchmark sungsspanne zu gewährleisten (diese Än- Amendments"), then the Independent derungen, die "Benchmark-Änderun- Adviser will determine the Benchmark gen"), dann wird der Unabhängige Berater Amendments and the Issuer will give no- die Benchmark-Änderungen feststellen, tice thereof in accordance with § 3(4)(e). und wird die Emittentin diese durch eine Mitteilung gemäß § 3(4)(e) bekanntma- chen. The Benchmark Amendments may in- Diese Benchmark-Änderungen können ins- clude, without limitation, the following besondere folgende Regelungen in diesen conditions of these Terms and Condi- Anleihebedingungen erfassen: tions:

(i) den Referenzsatz einschließlich der (i) the Reference Rate including the "Bildschirmseite" und/oder (in Erset- "Screen Page" and/or (in replace- zung von Ziffer (i) der Definition des ment of clause (i) of the definition Begriffs "Referenzsatz" in § 3(3) die of the term "Reference Rate" in § Methode zur Bestimmung des Aus- 3(3) the method for determining weichsatzes (sog. Fallback) für den the fallback rate in relation to the Referenzsatz einschließlich des Refe- Reference Rate, including the Ref- renzbankensatzes; und/oder erence Bank Rate; and/or

(ii) die Definitionen der Begriffe "Ge- (ii) the definitions of the terms "Busi- schäftstag", "Variabler Zinszah- ness Day", "Floating Interest Pay- lungstag", "Variable Geschäftstage- ment Date", "Floating Business konvention", "Variable Zinsperiode", Day Convention", "Floating Inter- "Variabler Zinstagequotient" und/o- est Period", "Floating Day Count der "Zinsfestsetzungstag" (ein- Fraction" and/or "Interest Determi- schließlich der Festlegung ob der Re- nation Date" (including the deter- ferenzsatz vorwärts- oder rückwärts- mination whether the Reference gerichtet bestimmt wird); und/oder Rate will be determined on a forward looking or a backward looking basis); and/or

(iii) der Zahltag-Bestimmung gemäß (iii) the payment business day condi- § 5§ 1(4). tion in § 5(4). (e) Notices, etc. The Issuer will notify any (e) Mitteilungen, etc. Die Emittentin wird ei- New Benchmark Rate, the Adjustment nen Neuen Benchmarksatz, die Anpas- Spread and the Benchmark Amendments sungsspanne und etwaige Benchmark-Än- (if any) determined under this § 3(4) to derungen gemäß diesem § 3§ 1(4) dem the Fiscal Agent, the Calculation Agent, Fiscal Agent, der Berechnungsstelle, den the Paying Agents and, in accordance Zahlstellen und gemäß § 10 den Anlei- with § 10 the Noteholders as soon as such hegläubigern mitteilen, und zwar sobald notification is (in the Issuer's view) re- eine solche Mitteilung (nach Ansicht der quired following the determination Emittentin) nach deren Feststellung erfor- thereof, but in any event not later than on derlich ist, spätestens jedoch an dem 10. the 10th Business Day prior to the rele- Geschäftstag vor dem betreffenden Zins- vant Interest Determination Date. Such festsetzungstag. Eine solche Mitteilung ist notice shall be irrevocable and shall unwiderruflich und hat den Stichtag zu be- specify the Effective Date. nennen.

- 27 -

The New Benchmark Rate, the Adjust- Der Neue Benchmarksatz, die Anpassungs- ment Spread and the Benchmark Amend- spanne und etwaige Benchmark-Änderun- ments (if any), each as specified in such gen, die jeweils in der Mitteilung benannt notice, will be binding on the Issuer, the werden, sind für die Emittentin, den Fiscal Fiscal Agent, the Calculation Agent, the Agent, die Berechnungsstelle, die Zahlstel- Paying Agents and the Noteholders. The len und die Anleihegläubiger bindend. Die Terms and Conditions shall be deemed to Anleihebedingungen gelten ab dem Stich- have been amended by the New Bench- tag als durch den Neuen Benchmarksatz, mark Rate, the Adjustment Spread and die Anpassungsspanne und die etwaigen the Benchmark Amendments with effect Benchmark-Änderungen geändert. from the Effective Date.

On the date of such notice, the Issuer Am Tag dieser Mitteilung hat die Emitten- shall deliver to the Fiscal Agent and the tin dem Fiscal Agent und der Berechnungs- Calculation Agent a certificate signed by stelle eine durch zwei Unterschriftsberech- two authorized signatories of the Issuer: tigte der Emittentin unterzeichnete Be- scheinigung zu übergeben, die

(i) (i) (A) confirming that a Bench- (A) bestätigt, dass ein Benchmark- mark Event has occurred; Ereignis eingetreten ist; (B) specifying the relevant New (B) den nach Maßgabe der Bestim- Benchmark Rate determined mungen dieses § 3(4) festgestell- in accordance with the pro- ten Neuen Benchmarksatz be- visions of this § 3(4); nennt; (C) specifying the applicable (C) die entsprechende Anpassungs- Adjustment Spread and the spanne und etwaige Benchmark- Benchmark Amendments (if Änderungen benennt, die jeweils any), each determined in ac- nach Maßgabe der Bestimmun- cordance with the provisions gen dieses § 3(4) festgestellt wur- of this § 3(4); and den; und (D) specifying the Effective (D) den Stichtag benennt; und Date; and

(ii) bestätigt, dass die etwaigen Bench- (ii) confirming that the Benchmark mark-Änderungen notwendig sind, Amendments, if any, are necessary um die ordnungsgemäße Anwendung to ensure the proper operation of des Neuen Benchmarksatzes und der such relevant New Benchmark entsprechenden Anpassungsspanne Rate and the applicable Adjust- zu gewährleisten. ment Spread. (f) Definitions. As used in this § 3(4): (f) Definitionen. Zur Verwendung in diesem § 3(4): The "Adjustment Spread", which may Die "Anpassungsspanne", die positiv, be positive, negative or zero, will be ex- negativ oder gleich Null sein kann, wird pressed in basis points and means either in Basispunkten ausgedrückt und be- (a) the spread, or (b) the result of the op- zeichnet entweder (a) die Spanne oder eration of the formula or methodology (b) das Ergebnis der Anwendung der For- for calculating the spread, which mel oder Methode zur Berechnung der Spanne, die

(i) im Fall eines Nachfolge-Bench- (i) in the case of a Successor Bench- marksatzes formell im Zusammen- mark Rate, is formally recom- hang mit der Ersetzung des Ur- mended in relation to the replace- sprünglichen Benchmarksatzes ment of the Original Benchmark durch den Nachfolge-Benchmark- Rate with the Successor satz von dem

- 28 -

Nominierungsgremium (wie nach- Benchmark Rate by any Relevant stehend definiert) empfohlen wird; Nominating Body (as defined be- oder low); or

(ii) (sofern keine Empfehlung abgege- (ii) (if no such recommendation has ben wurde oder im Fall eines Alter- been made, or in the case of an Al- nativ-Benchmarksatzes) üblicher- ternative Benchmark Rate) is cus- weise an den internationalen Anlei- tomarily applied to the New hekapitalmärkten auf den Neuen Benchmark Rate in the interna- Benchmarksatz angewendet wird, tional debt capital markets to pro- um einen industrieweit akzeptier- duce an industry-accepted replace- ten Ersatz-Benchmarksatz für den ment benchmark rate for the Orig- Ursprünglichen Benchmarksatz zu inal Benchmark Rate, provided erzeugen, wobei sämtliche Fest- that all determinations will be stellungen durch den Unabhängi- made by the Independent Adviser gen Berater nach billigem Ermes- in its reasonable discretion; or sen vorgenommen werden; oder

(iii) (sofern der Unabhängige Berater (iii) (if the Independent Adviser in its nach billigem Ermessen feststellt, reasonable discretion determines dass keine solche Spanne üblicher- that no such spread is customarily weise angewendet wird, und dass applied and that the following das Folgende für die Schuldver- would be appropriate for the schreibungen angemessen ist) als Notes) is recognised or acknowl- industrieweiter Standard für Over- edged as being the industry stand- the-Counter Derivatetransaktionen, ard for over-the counter derivative die sich auf den Ursprünglichen transactions which reference the Benchmarksatz beziehen, aner- Original Benchmark Rate, where kannt und bestätigt ist, wenn der the Original Benchmark Rate has Ursprüngliche Benchmarksatz been replaced by the New Bench- durch den Neuen Benchmarksatz mark Rate, provided that all deter- ersetzt worden ist, wobei sämtliche minations will be made by the In- Feststellungen durch den Unabhän- dependent Adviser in its reasona- gigen Berater nach billigem Ermes- ble discretion. sen vorgenommen werden. "Alternative Benchmark Rate" means "Alternativ-Benchmarksatz" be- an alternative benchmark or screen rate zeichnet eine alternative Benchmark o- which is customarily applied in the inter- der einen alternativen Bildschirmsatz, national debt capital markets for the pur- die bzw. der üblicherweise an den in- pose of determining floating rates of internationalen Anleihekapitalmärkten terest in the Specified Currency, pro- zur Bestimmung von variablen Zinssät- vided that all determinations will be zen in der Festgelegten Währung ange- made by the Independent Adviser. wendet wird, wobei sämtliche Feststel- lungen durch den Unabhängigen Bera- ter vorgenommen werden. "Benchmark Amendments" has the "Benchmark-Änderungen" hat die in meaning given to it in § 3(4)(d). § 3(4)(d) festgelegte Bedeutung. A "Benchmark Event" occurs if: Ein "Benchmark-Ereignis" tritt ein, wenn:

(i) der Ursprüngliche Benchmark- (i) the Original Benchmark Rate satz nicht mehr regelmäßig ver- ceases to be published on a regular öffentlicht wird oder nicht mehr basis or ceases to exist; or erstellt wird; oder

(ii) eine öffentliche Erklärung des (ii) a public statement by the adminis- Administrators des Ursprüngli- trator of the Original Benchmark chen Benchmarksatzes veröffent- Rate is made that it has ceased or licht wird, wonach dieser die that it will cease publishing the Veröffentlichung des Ursprüngli- Original Benchmark Rate perma- chen Benchmarksatzes dauerhaft nently or indefinitely (in

- 29 -

oder auf unbestimmte Zeit einge- circumstances where no successor stellt hat oder einstellen wird (in administrator has been appointed Fällen in denen kein Nachfol- that will continue the publication geadministrator ernannt worden of the Original Benchmark Rate); ist, der die Veröffentlichung des or Ursprünglichen Benchmarksat- zes vornehmen wird); oder

(iii) eine öffentliche Erklärung der (iii) a public statement by the supervi- Aufsichtsbehörde des Administ- sor of the administrator of the rators des Ursprünglichen Original Benchmark Rate is made Benchmarksatzes veröffentlicht that the Original Benchmark Rate wird, wonach der Ursprüngliche has been or will be permanently or Benchmarksatz dauerhaft oder indefinitely discontinued; or auf unbestimmte Zeit nicht mehr fortgeführt wird oder nicht mehr fortgeführt werden wird; oder

(iv) eine öffentliche Erklärung der (iv) a public statement by the supervi- Aufsichtsbehörde des Administ- sor of the administrator of the rators des Ursprünglichen Original Benchmark Rate is made Benchmarksatzes veröffentlicht as a consequence of which the wird, aufgrund derer der Ur- Original Benchmark Rate will be sprüngliche Benchmarksatz all- prohibited from being used either gemein oder in Bezug auf die generally, or in respect of the Schuldverschreibungen nicht Notes; or mehr verwendet werden darf; o- der

(v) die Verwendung des Ursprüngli- (v) it has become unlawful for any chen Benchmarksatzes zur Be- Paying Agent, the Calculation rechnung jedweder Zahlungen an Agent, the Issuer or any other party Anleihegläubiger für die Zahl- to calculate any payments due to be stellen, die Berechnungsstelle, made to any Noteholder using the die Emittentin oder jeden Dritten Original Benchmark Rate; or rechtswidrig geworden ist; oder

(vi) eine öffentliche Erklärung der (vi) a public statement by the supervi- Aufsichtsbehörde des Administ- sor for the administrator of the rators des Ursprünglichen Original Benchmark Rate is made Benchmarksatzes veröffentlicht announcing that the Original wird, mit der bekanntgegeben Benchmark Rate is no longer rep- wird, dass der Ursprüngliche resentative; or Benchmarksatz nicht mehr reprä- sentativ ist; oder

(vii) sich die Methode für die Feststel- (vii) the methodology for the determi- lung des Ursprünglichen Bench- nation of the Original Benchmark marksatzes gegenüber der Me- Rate is materially altered com- thode, die der Administrator des pared to the methodology as used Ursprünglichen Benchmarksat- by the administrator of the Original zes bei Verzinsungsbeginn an- Benchmark Rate at the Interest wendete, wesentlich ändert. Commencement Date. "Successor Benchmark Rate" means a "Nachfolge-Benchmarksatz" bezeichnet ei- successor to or replacement of the Origi- nen Nachfolger oder Ersatz des Ursprünglichen nal Benchmark Rate which is formally Benchmarksatzes, der formell durch das Nomi- recommended by any Relevant Nominat- nierungsgremium (wie nachstehend definiert) ing Body (as defined below). empfohlen wurde. "New Benchmark Rate" means the Suc- "Neuer Benchmarksatz" bezeichnet den je- cessor Benchmark Rate or, as the case weils gemäß diesem § 3(4) bestimmten may be, the Alternative Benchmark Rate

- 30 -

Nachfolge-Benchmarksatz bzw. Alternativ- determined in accordance with this Benchmarksatz. § 3(4).

"Relevant Nominating Body" means, in "Nominierungsgremium" bezeichnet in Be- respect of the replacement of the Original zug auf die Ersetzung des Ursprünglichen Benchmark Rate: Benchmarksatzes:

(i) die Zentralbank für die Währung in der (i) the central bank for the currency to die Benchmark oder der Bildschirmsatz which the benchmark or screen dargestellt wird oder eine Zentralbank o- rate (as applicable) relates, or any der andere Aufsichtsbehörde, die für die central bank or other supervisory Aufsicht des Administrators der Bench- authority which is responsible for mark oder des Bildschirmsatzes zustän- supervising the administrator of dig ist; oder the benchmark or screen rate (as applicable); or

(ii) jede Arbeitsgruppe oder jeden Ausschuss (ii) any working group or committee gefördert durch, geführt oder mitgeführt sponsored by, chaired or cochaired von oder gebildet von (a) der Zentralbank by or constituted at the request of für die Währung, in der die Benchmark (a) the central bank for the cur- oder der Bildschirmsatz dargestellt wird, rency to which the benchmark or (b) einer Zentralbank oder anderen Auf- screen rate (as applicable) relates, sichtsbehörde, die für die Aufsicht des (b) any central bank or other super- Administrators der Benchmark oder des visory authority which is responsi- Bildschirmsatzes zuständig ist, (c) einer ble for supervising the administra- Gruppe der zuvor genannten Zentralban- tor of the benchmark or screen rate ken oder anderer Aufsichtsbehörden oder (as applicable), (c) a group of the (d) dem Finanzstabilitätsrat (Financial aforementioned central banks or Stability Board) oder Teilen davon. other supervisory authorities or (d) the Financial Stability Board or any part thereof. "Independent Adviser" means an inde- "Unabhängiger Berater" bezeichnet ein von pendent financial institution of interna- der Emittentin ernanntes unabhängiges Finan- tional repute or another independent fi- zinstitut mit internationalem Ansehen oder ei- nancial adviser experienced in the inter- nen anderen unabhängigen Finanzberater mit national capital markets, in each case ap- Erfahrung in internationalen Kapitalmärkten. pointed by the Issuer.

(g) The effective date for the application of (g) Der Stichtag für die Anwendung des the New Benchmark Rate, the Adjust- Neuen Benchmarksatzes, der Anpas- ment Spread and the Benchmark Amend- sungsspanne und der etwaigen Bench- ments (if any) determined under this § mark-Änderungen gemäß diesem § 3(4) 3(4) (the "Effective Date") will be the (der "Stichtag") ist der Zinsfestset- Interest Determination Date falling on or zungstag, der auf den frühesten der folgen- after the earliest of the following dates: den Tage fällt oder diesem nachfolgt:

(i) den Tag des Eintritts des Benchmark- (i) if the Benchmark Event has oc- Ereignisses, wenn das Benchmark- curred as a result of clauses (i), (vi) Ereignis aufgrund der Absätze (i), or (vii) of the definition of the term (vi) oder (vii) der Definition des Be- "Benchmark Event", the date of griffs "Benchmark-Ereignis" einge- the occurrence of the Benchmark treten ist; oder Event; or

(ii) den Tag, an dem die Veröffentli- (ii) if the Benchmark Event has oc- chung des Ursprünglichen Bench- curred as a result of clauses (ii), marksatzes eingestellt wird bzw. an (iii) or (iv) of the definition of the dem der Ursprüngliche Benchmark- term "Benchmark Event", the date satz eingestellt wird, wenn das of cessation of publication of the Benchmark-Ereignis aufgrund der Original Benchmark Rate or of the Absätze (ii), (iii) oder (iv) der Defini- discontinuation of the Original tion des Begriffs "Benchmark-Ereig- Benchmark Rate, as the case may nis" eingetreten ist; oder be; or

- 31 -

(iii) den Tag, ab dem der Ursprüngliche (iii) if the Benchmark Event has oc- Benchmarksatz nicht mehr verwen- curred as a result of clause (v) of det werden darf, wenn das Bench- the definition of the term "Bench- mark-Ereignis aufgrund des Absat- mark Event", the date from which zes (vi) der Definition des Begriffs the prohibition applies. "Benchmark-Ereignis" eingetreten ist. (h) If a Benchmark Event occurs in relation (h) Wenn ein Benchmark-Ereignis in Bezug to any New Benchmark Rate, § 3(4) shall auf einen Neuen Benchmarksatz eintritt, apply mutatis mutandis to the replace- gilt dieser § 3(4) entsprechend für die Er- ment of such New Benchmark Rate by setzung des Neuen Benchmarksatzes any new Successor Benchmark Rate or durch einen neuen Nachfolge-Bench- Alternative Benchmark Rate, as the case marksatz bzw. Alternativ-Benchmarksatz. may be. In this case, any reference to the In diesem Fall gilt jede Bezugnahme auf term Original Benchmark Rate shall be den Begriff Ursprünglicher Benchmark- deemed to be a reference to the New satz als Bezugnahme auf den zuletzt ver- Benchmark Rate that last applied. wendeten Neuen Benchmarksatz. (i) Any reference in this § 3 to the term (i) In diesem § 3 schließt jede Bezugnahme Original Benchmark Rate shall be auf den Begriff "Ursprünglicher Bench- deemed to include a reference to any marksatz" gegebenenfalls auch eine Be- component part thereof, if any, in respect zugnahme auf eine etwaige Teilkompo- of which a Benchmark Event has oc- nente des Ursprünglichen Benchmarksat- curred. zes ein, wenn in Bezug auf diese Teilkom- ponente ein Benchmark-Ereignis eingetreten ist. (j) Any adjustment to the Original Bench- (j) Eine Anpassung des Ursprünglichen mark Rate in accordance with § 3(4) in Benchmarksatzes gemäß § 3(4) im Falle case of a Benchmark Event will only be eines Benchmark-Ereignisses darf nur made to the extent no Regulatory Event durchgeführt werden, soweit durch diese (as defined in § 4(4)(c)) would occur as a Anpassung kein Aufsichtsrechtliches Er- result of such adjustment. eignis (wie in § 4(4)(c) definiert) eintritt. If this § 3(4)(j) is to be applied on an In- Falls dieser § 3(4)(j) an einem Zinsfestset- terest Determination Date falling after zungstag nach Beginn der ersten Variab- the commencement of the first Floating len Zinsperiode angewendet werden muss, Interest Period, the Reference Rate appli- entspricht der Referenzsatz für die nächste cable to the next and each subsequent und jede nachfolgende Variable Zinsperi- Floating Interest Period shall be the Orig- ode dem an dem letzten zurückliegenden inal Benchmark Rate determined on the Zinsfestsetzungstag festgestellten Ur- last preceding Interest Determination sprünglichen Benchmarksatz. Date.

Falls dieser § 3(4)(j) bereits an dem Zins- If this § 3(4)(j) is to be applied on the first festsetzungstag vor Beginn der ersten Va- Interest Determination Date prior to the riablen Zinsperiode angewendet werden commencement of the first Floating In- muss, entspricht der Referenzsatz für die terest Period, the Reference Rate applica- erste und jede nachfolgende Variable ble to the first and each subsequent Float- Zinsperiode -0,429 % per annum. ing Interest Period shall be -0.429 per cent. per annum.

(5) Berechnungen und Feststellungen durch (5) Determinations and calculations by the Calcu- die Berechnungsstelle. lation Agent.

Die Berechnungsstelle wird zu oder baldmög- The Calculation Agent will, on or as soon as lichst nach jedem Zinsfestsetzungstag den auf practicable after each Interest Determination die Schuldverschreibungen zur Zahlung vorge- Date, calculate the amount of floating interest sehenen variablen Zinsbetrag bezogen auf jede (the "Floating Interest Amount") scheduled to Festgelegten Stückelung (der "Variable Zins- be paid on the Notes in respect of each Speci- betrag") für die entsprechende Variable Zins- fied Denomination for the relevant Floating In- periode berechnen. Der Variable Zinsbetrag terest Period. Each Floating Interest Amount

- 32 -

wird ermittelt, indem der Variable Zinssatz und shall be calculated by applying the Floating der Variable Zinstagequotient (wie nachste- Rate of Interest and the Floating Day Count hend definiert) auf jede Festgelegte Stückelung Fraction (as defined below) to each Specified angewendet werden, wobei der resultierende Denomination and rounding the resulting figure Betrag auf den nächsten Euro 0,01 auf- oder ab- to the nearest Euro 0.01, with Euro 0.005 being gerundet wird, wobei Euro 0,005 aufgerundet rounded upwards. werden.

(6) Bekanntmachung durch die Berechnungs- (6) Publication by the Calculation Agent. The Cal- stelle. Die Berechnungsstelle wird veranlas- culation Agent will cause the Floating Rate of sen, dass der Variable Zinssatz, der Variable Interest, each Floating Interest Amount for each Zinsbetrag für die jeweilige Variable Zinsperi- Floating Interest Period, each Floating Interest ode, die jeweilige Variable Zinsperiode und der Period and the relevant Floating Interest Pay- relevante Variable Zinszahlungstag der Emit- ment Date to be notified to the Issuer and to the tentin und den Anleihegläubigern durch Be- Noteholders by notice in accordance with § 10 kanntmachung gemäß § 10 und jeder Börse, an and, if required by the rules of any stock ex- der die betreffenden Schuldverschreibungen zu change on which the Notes are from time to diesem Zeitpunkt auf Veranlassung der Emit- time listed at the initiative of the Issuer, to such tentin notiert sind und deren Regeln eine Mit- stock exchange, without undue delay, but in no teilung an die Börse verlangen, unverzüglich, event later than the first day of the relevant aber keinesfalls später als zu Beginn der jewei- Floating Interest Period. Each Floating Interest ligen Variablen Zinsperiode bekannt gemacht Amount and Floating Interest Payment Date so werden. Im Fall einer Verlängerung oder Ver- notified may subsequently be amended (or ap- kürzung der Variablen Zinsperiode können der propriate alternative arrangements made by mitgeteilte Variable Zinsbetrag und Variable way of adjustment) without notice in the event Zinszahlungstag ohne Vorankündigung nach- of an extension or shortening of the Floating In- träglich angepasst (oder andere geeignete An- terest Period. Any such amendment will be passungsregelungen getroffen) werden. Jede promptly notified to any relevant stock ex- solche Anpassung wird umgehend allen maß- change on which the Notes are then listed at the geblichen Börsen, an denen die Schuldver- initiative of the Issuer and to the Noteholders in schreibungen zu diesem Zeitpunkt auf Veran- accordance with § 10. lassung der Emittentin notiert sind, sowie den Anleihegläubigern gemäß § 10 bekannt gemacht.

(7) Verbindlichkeit der Festsetzungen. Alle Be- (7) Determinations Binding. All certificates, com- scheinigungen, Mitteilungen, Gutachten, Fest- munications, opinions, determinations, calcula- setzungen, Berechnungen, Quotierungen und tions, quotations and decisions given, ex- Entscheidungen, die von der Berechnungsstelle pressed, made or obtained for the purposes of für die Zwecke dieses § 3 gemacht, abgegeben, the provisions of this § 3 by the Calculation getroffen oder eingeholt werden, sind (sofern Agent shall (in the absence of manifest error) nicht ein offensichtlicher Irrtum vorliegt) für be binding on the Issuer, the Fiscal Agent, the die Emittentin, den Fiscal Agent, die Zahlstel- Paying Agents and the Noteholders. len und die Anleihegläubiger bindend. (8) Fälligkeit von Zinszahlungen, wahlweise und (8) Due date for interest payments, optional and zwingende Aussetzung von Zinszahlungen. compulsory deferral of interest payments.

(a) Zinsen, die während einer Feststellungs- (a) Interest which accrues during a Determi- periode auflaufen, werden an dem Zins- nation Period will be due and payable zahlungstag für diese Feststellungsperiode (fällig) on the Interest Payment Date for wie folgt fällig: such Determination Period as follows:

(i) Wenn in den letzten 6 Monaten vor (i) If during the six months before the dem betreffenden Zinszahlungstag relevant Interest Payment Date a ein Dividendenereignis (wie nach- Dividend Payment Event (as de- stehend definiert) eingetreten ist, fined below) has occurred, the in- werden diese Zinsen an diesem terest will be due and payable (fäl- Zinszahlungstag fällig, sofern kein lig) on such Interest Payment Date, Pflichtaussetzungsereignis (wie provided that no Compulsory De- nachstehend definiert) in Bezug auf ferral Event (as defined below) has diesen Zinszahlungstag eingetreten occurred with respect to such Inter- ist. est Payment Date.

- 33 -

(ii) Wenn in den letzten 6 Monaten vor (ii) If during the six months before the dem betreffenden Zinszahlungstag relevant Interest Payment Date no kein Dividendenereignis (wie Dividend Payment Event (as de- nachstehend definiert) eingetreten fined below) has occurred, the in- ist, werden diese Zinsen an diesem terest will be due and payable (fäl- Zinszahlungstag fällig, sofern kein lig) on such Interest Payment Date, Pflichtaussetzungsereignis (wie provided that no Compulsory De- nachstehend definiert) in Bezug auf ferral Event (as defined below) oc- diesen Zinszahlungstag eingetreten curred with respect to such Interest ist, und sofern sich die Emittentin Payment Date, and that the Issuer nicht dazu entscheidet, durch eine does not elect to defer the relevant Bekanntmachung an die Anleihe- payment of interest in whole or in gläubiger gemäß § 10 innerhalb ei- part by giving not less than 10 and ner Frist von nicht weniger als 10 not more than 15 Business Days' und nicht mehr als 15 Geschäftsta- notice to the Noteholders prior to gen vor dem betreffenden Zinszah- the relevant Interest Payment Date lungstag, die betreffende Zinszah- in accordance with § 10. lung vollständig oder teilweise aus- zusetzen.

Wenn sich die Emittentin zur voll- If the Issuer elects to defer accrued ständigen oder teilweisen Ausset- interest in whole or in part, then it zung aufgelaufener Zinsen ent- will not have any obligation to pay schieden hat, dann ist sie nicht ver- accrued interest on such Interest pflichtet, an dem betreffenden Payment Date or will only be Zinszahlungstag aufgelaufene Zin- obliged to pay such part of the ac- sen zu zahlen bzw. ist sie nur ver- crued interest it elects not to defer, pflichtet, den Teil der aufgelaufe- respectively. Any such failure to nen Zinsen zu leisten, für dessen pay will not constitute a default of Aussetzung sie sich nicht entschie- the Issuer or any other breach of its den hat. Eine Nichtzahlung aus die- obligations under the Notes or for sem Grunde begründet keinen Ver- any other purpose. zug der Emittentin und keine anderweitige Verletzung ihrer Ver- pflichtungen aufgrund dieser Schuldverschreibungen oder für sonstige Zwecke.

(iii) Wenn in Bezug auf den betreffen- (iii) If a Compulsory Deferral Event (as den Zinszahlungstag ein Pflicht- defined below) has occurred with aussetzungsereignis (wie nachste- respect to the relevant Interest Pay- hend definiert) eingetreten ist, wer- ment Date, interest will not be due den Zinsen an diesem Zinszah- and payable (fällig) on that Interest lungstag nicht fällig. Die Emitten- Payment Date. The Issuer will give tin wird die Anleihegläubiger ge- notice to the Noteholders of the oc- mäß § 10 über den Eintritt eines currence of the Compulsory Defer- Pflichtaussetzungsereignisses ral Event in accordance with § 10 baldmöglichst nach seiner Feststel- as soon as possible after its deter- lung, spätestens am vierten Ge- mination but in no event later than schäftstag nach dem betreffenden on the fourth Business Day follow- Zinszahlungstag informieren. Eine ing the relevant Interest Payment Nichtzahlung aus diesem Grunde Date. Any such failure to pay will begründet keinen Verzug der Emit- not constitute a default of the Is- tentin und keine anderweitige Ver- suer or any other breach of its obli- letzung ihrer Verpflichtungen auf- gations under the Notes or for any grund dieser Schuldverschreibun- other purpose. gen oder für sonstige Zwecke.

(b) Nach Maßgabe des § 3(8)(a) nicht fällig (b) Accrued interest in respect of an Interest gewordene aufgelaufene Zinsen für eine Period not due and payable in accordance Zinsperiode sind Zinsrückstände (die with § 3(8)(a) will constitute arrear of in- "Zinsrückstände"). terest ("Arrear of Interest").

- 34 -

Zinsrückstände werden nicht verzinst. Arrear of Interest will not bear interest.

"Anwendbare Aufsichtsrechtliche Vor- "Applicable Supervisory Regulations" schriften" bezeichnet die Vorschriften des means the provisions of insurance super- Versicherungsaufsichtsrechts (einschließ- visory laws (including the Solvency II lich der Solvency II Richtlinie (wie nach- Directive (as defined below)) and any stehend definiert)) und darauf bezogene rules and regulations thereunder (includ- Regelungen und Verordnungen (ein- ing the administrative practice of the schließlich der Verwaltungspraxis der Zu- Competent Supervisory Authority (as de- ständigen Aufsichtsbehörde (wie nachste- fined below) and any applicable decision hend definiert) und einschlägiger Gerichts- of a court) for solvency of the Issuer. entscheidungen), die hinsichtlich der Sol- These include, as applicable, the rules vabilität der Emittentin anwendbar sind. and regulations with respect to the group Dies erfasst auch, soweit anwendbar, die solvency and capital adequacy of inter- Regelungen und Verordnungen hinsicht- nationally active insurance groups lich der Gruppensolvabilität sowie der Ka- (IAIG). pitaladäquanz von international aktiven Versicherungsgruppen (IAIG).

"Dividendenereignis" bezeichnet jedes "Dividend Payment Event" means any der folgenden Ereignisse: of the following events:

(i) auf der ordentlichen Hauptversamm- (i) the ordinary general meeting of lung der Emittentin wird eine Divi- shareholders (ordentliche dende, sonstige Ausschüttung oder Hauptversammlung) of the Issuer Zahlung auf eine beliebige Gattung validly resolves on any dividend, von Aktien der Emittentin wirksam other distribution or payment in re- beschlossen; oder spect of any class of shares of the Issuer; or

(ii) die Emittentin leistet eine Abschlags- (ii) any payment on account of the bal- zahlung auf den Bilanzgewinn; oder ance sheet profit is made by the Is- suer; or

(iii) die Emittentin hat seit der letzten or- (iii) the Issuer, directly or indirectly dentlichen Hauptversammlung der through any of its subsidiaries, has Emittentin, direkt oder indirekt über repurchased for cash shares of any eine ihrer Tochtergesellschaften, Ak- class (with the exception of repur- tien einer beliebigen Gattung gegen chases in connection with stock Barzahlung zurückgekauft (mit Aus- option or stock ownership pro- nahme von Rückkäufen, die in Ver- grammes for management or em- bindung mit Aktienoptionen oder ployees of the Issuer or affiliates of Aktienbeteiligungsprogrammen für the Issuer made in the ordinary das Management oder für Angestellte course of business) since the most der Emittentin oder verbundene Un- recent ordinary general meeting of ternehmen der Emittentin im Rah- shareholders of the Issuer. men der gewöhnlichen Geschäftstä- tigkeit gemacht wurden).

Ein "Pflichtaussetzungsereignis" ist in A "Compulsory Deferral Event" will Bezug auf einen Tag, an dem Zahlungen have occurred with respect to the date on von Zinsen und/oder Zinsrückständen auf which any payment of interest and/or Ar- die Schuldverschreibungen gemäß diesen rear of Interest on the Notes is scheduled Anleihebedingungen vorgesehen sind, ein- to be paid under these Terms and Condi- getreten, wenn tions if

(i) ein Insolvenzereignis entweder ein- (i) either an Insolvency Event has oc- getreten ist und an diesem Tag fort- curred and is continuing on such besteht oder die Zahlung ein date or such payment would cause

- 35 -

Insolvenzereignis auslösen oder des- or accelerate the occurrence of an sen Eintritt beschleunigen würde; o- Insolvency Event; or der

(ii) an dem betreffenden Tag eine Anord- (ii) there is in effect on such date an or- nung der Zuständigen Aufsichtsbe- der of the Competent Supervisory hörde (wie nachstehend definiert) in Authority (as defined below) pro- Kraft ist, die der Emittentin unter- hibiting the Issuer from making sagt, Zahlungen auf die Schuldver- payments under the Notes, or there schreibungen zu leisten, oder ein an- is in effect on such date any other deres gesetzliches oder behördliches payment prohibition, whether by Zahlungsverbot besteht; oder statute or by order of any authority; or

(iii) an oder vor diesem Tag ein Solvenz- (iii) a Solvency Capital Event (as de- kapitalereignis (wie nachstehend defined below) either has occurred on finiert) entweder eingetreten ist und or prior to such date and is contin- an dem betreffenden Tag fortbesteht uing on such date or would be oder durch die Zahlung von Zinsen caused by the payment by the Is- und/oder Zinsrückständen auf die suer of interest and/or Arrear of In- Schuldverschreibungen durch die terest on the Notes on the relevant Emittentin an dem betreffenden Tag date, unless eintreten würde, es sei denn, (A) on or prior to such date the (A) die Zuständige Aufsichtsbehörde Competent Supervisory Au- hat an oder vor diesem Tag aus- thority has exceptionally nahmsweise ihre vorherige Zu- given, and not withdrawn by stimmung zu der Zahlung der be- such date, its prior consent treffenden Zinsen und/oder Zins- to the payment of the rele- rückstände auf die Schuldver- vant interest and/or Arrear schreibungen trotz Solvenzkapi- of Interest despite the Sol- talereignis erteilt und ihre vorhe- vency Capital Event; and rige Zustimmung bis zu diesem Tag nicht widerrufen; und (B) the payment of such interest (B) die Zahlung der betreffenden and/or Arrear of Interest on Zinsen und/oder Zinsrückstände the Notes does not lead to a auf die Schuldverschreibungen further weakening of the sol- führt nicht zu einer weiteren vency position of the Issuer Schwächung der Solvabilität der or the Issuer's group; and Emittentin oder der Gruppe der Emittentin; und (C) die geltenden Mindestkapitalan- (C) the applicable minimum forderungen (MCR) der Emitten- capital requirement (MCR) tin und das Minimum der konso- of the Issuer and the mini- lidierten Solvenzkapitalanforde- mum consolidated solvency rung für die Gruppe der Emitten- capital requirement for the tin gemäß der Solvency II Richt- Issuer's group in accordance linie sind auch nach der Zahlung with the Solvency II Di- der betreffenden Zinsen und/oder rective are fulfilled also after Zinsrückstände auf die Schuld- payment of such interest verschreibungen erfüllt. and/or Arrear of Interest on the Notes.

"Solvency II Richtlinie" bezeichnet die Richt- "Solvency II Directive" means Directive linie 2009/138/EG des Europäischen Parla- 2009/138/EC of the European Parliament ments und der Kommission vom 25. November and of the Council of 25 November 2009 2009 in der jeweils geltenden Fassung, die dazu as amended from time to time, the further erlassenen weiteren Rechtsakte der Europäi- legislative acts of the European Union schen Union, einschließlich der Delegierten enacted in relation thereto including Verordnung (EU) 2015/35 der Kommission Commission Delegated Regulation (EU) vom 10. Oktober 2014, und die darauf 2015/35 of 10 October 2014, and the applicable legislation and measures

- 36 -

bezogenen anwendbaren Umsetzungsgesetze implementing the same, in each case as und -maßnahmen, in der jeweils gültigen Fas- amended from time to time. sung. Ein "Solvenzkapitalereignis" ist eingetreten, A "Solvency Capital Event" will have falls auf Solo-Ebene und/oder auf Gruppen- occurred if on an unconsolidated basis Ebene die Eigenmittel der Emittentin nicht aus- and/or on a consolidated basis the own reichen, um die geltenden Solvenzkapitalanfor- funds (Eigenmittel) of the Issuer are not derungen (SCR) oder die geltenden Mindestka- sufficient to cover the applicable sol- pitalanforderungen (MCR) der Emittentin bzw. vency capital requirement (SCR) or the das Minimum der konsolidierten Solvenzkapi- applicable minimum capital requirement talanforderung für die Gruppe der Emittentin (MCR) of the Issuer or the minimum gemäß den Anwendbaren Aufsichtsrechtlichen consolidated solvency capital require- Vorschriften zu erfüllen. ment for the Issuer's group in accordance with the Applicable Supervisory Regula- tions. "Zuständige Aufsichtsbehörde" ist die öster- "Competent Supervisory Authority" reichische Finanzmarktaufsicht (FMA) bzw. means the Austrian Financial Markets jede Behörde, die ihre Funktionsnachfolgerin Authority (Finanzmarktaufsicht - FMA) wird. or any authority which becomes its successor in such capacity. (9) Nachzahlung von Zinsrückständen. (9) Payment of Arrear of Interest.

(a) Freiwillige Nachzahlung von Zinsrück- (a) Optional payment of Arrear of Interest. ständen. Die Emittentin ist berechtigt, The Issuer will be entitled to pay out- ausstehende Zinsrückstände jederzeit (ins- standing Arrear of Interest (in whole or gesamt oder teilweise) nachzuzahlen, in part) at any time if the Conditions to wenn die Nachzahlungsvoraussetzungen Settlement (as defined below) are ful- (wie nachstehend definiert) in Bezug auf filled with respect to such payment. diese Zahlung erfüllt sind.

Wenn sich die Emittentin dazu entscheidet, If the Issuer elects to pay outstanding Ar- ausstehende Zinsrückstände (insgesamt o- rear of Interest (in whole or in part), it der teilweise) nachzuzahlen, wird sie die will give not less than 10 and not more Anleihegläubiger durch Bekanntmachung than 15 Business Days' notice to the gemäß § 10 unter Einhaltung einer Frist Noteholders in accordance with § 10 von nicht weniger als 10 und nicht mehr als which notice will specify (i) the amount 15 Geschäftstagen hierüber in Kenntnis of Arrear of Interest to be paid and (ii) setzen, wobei eine solche Bekanntmachung the date fixed for such payment (the (i) den Betrag an Zinsrückständen, der ge- "Optional Settlement Date"). zahlt werden soll, und (ii) den für diese Zahlung festgelegten Tag (der "Freiwillige Nachzahlungstag") enthalten muss.

Wenn an dem Freiwilligen Nachzahlungs- If, on the Optional Settlement Date, the tag die Nachzahlungsvoraussetzungen (wie Conditions to Settlement (as defined be- nachstehend definiert) in Bezug auf die below) are fulfilled with respect to the rel- treffende Zahlung erfüllt sind, wird der in evant payment, the amount of Arrear of der Bekanntmachung angegebene Betrag Interest specified in such notice will be- an Zinsrückständen am angegebenen Frei- come due and payable (fällig), and the Is- willigen Nachzahlungstag fällig und ist die suer will be obliged to pay such amount Emittentin verpflichtet, diesen Betrag an of Arrear of Interest on the Optional Set- Zinsrückständen am Freiwilligen Nachzah- tlement Date. lungstag zu zahlen.

Die "Nachzahlungsvoraussetzungen" The "Conditions to Settlement" are ful- sind an einem Tag in Bezug auf eine Zah- filled on a day with respect to any pay- lung von Zinsrückständen erfüllt, wenn an ment of Arrear of Interest if on such day diesem Tag kein Pflichtaussetzungsereig- no Compulsory Deferral Event has oc- nis eingetreten ist und fortbesteht. curred and is continuing.

(b) Pflicht zur Nachzahlung von Zinsrück- (b) Compulsory payment of Arrears of Inter- ständen. Die Emittentin ist verpflichtet, est. The Issuer must pay Arrear of

- 37 -

Zinsrückstände am nächsten Pflichtnach- Interest on the next Compulsory Settle- zahlungstag (wie nachstehend definiert) ment Date (as defined below). nachzuzahlen.

"Pflichtnachzahlungstag" bezeichnet den "Compulsory Settlement Date" means früheren der folgenden Tage: the earlier of:

(i) für Zinsrückstände, die vor dem Ein- (i) In respect of any Arrear of Interest tritt eines Dividendenereignisses ent- that existed prior to the occurrence standen sind, den nächsten Zinszah- of a Dividend Payment Event the lungstag, der auf den Tag folgt, an next Interest Payment Date fol- dem dieses Dividendenereignis ein- lowing the date on which such getreten ist, und in Bezug auf den die Dividend Payment Event oc- Nachzahlungsvoraussetzungen er- curred, and in respect of which the füllt sind; Conditions to Settlement are fulfilled;

(ii) den Tag, an dem die Schuldver- (ii) the date on which the Notes fall schreibungen gemäß § 4 zur Rück- due and payable (fällig) for re- zahlung fällig werden; und demption in accordance with § 4; and

(iii) den Tag, an dem eine Verfügung zur (iii) the date on which an order is made Auflösung, Abwicklung oder Liqui- for the winding up, dissolution or dation der Emittentin ergeht (sofern liquidation of the Issuer (other dies nicht für die Zwecke oder als than for the purposes of or pursu- Folge eines Zusammenschlusses, ei- ant to an amalgamation, reorgani- ner Umstrukturierung oder Sanie- sation or restructuring whilst sol- rung geschieht, bei dem bzw. bei der vent, where the continuing entity die Emittentin noch zahlungsfähig ist assumes substantially all of the as- und bei dem bzw. bei der die fortfüh- sets and obligations of the Issuer). rende Gesellschaft im Wesentlichen alle Vermögenswerte und Verpflich- tungen der Emittentin übernimmt).

Falls an einem Freiwilligen Nachzahlungstag If on an Optional Settlement Date or a oder einem Pflichtnachzahlungstag die Nach- Compulsory Settlement Date the Condi- zahlungsvoraussetzungen nicht erfüllt sind, tions to Settlement are not fulfilled, Ar- werden Zinsrückstände, deren Zahlung an die- rear of Interest scheduled to be paid on sem Tag vorgesehen war, an dem betreffenden such date will not become due and paya- Freiwilligen Nachzahlungstag bzw. Pflicht- ble (fällig) on the relevant Optional Set- nachzahlungstag nicht fällig, sondern bleiben tlement Date or Compulsory Settlement ausstehend und werden weiter als Zinsrück- Date, as the case may be, but will remain stände behandelt. Die Emittentin wird die An- outstanding and will continue to be leihegläubiger gemäß § 10 über die Nichterfül- treated as Arrear of Interest. The Issuer lung der Nachzahlungsvoraussetzungen bald- will give notice to the Noteholders re- möglichst nach ihrer Feststellung, spätestens garding the non-fulfilment of the Condi- am vierten Geschäftstag nach dem betreffenden tions to Settlement in accordance with § Freiwilligen Nachzahlungstag bzw. Pflicht- 10 as soon as possible after its determi- nachzahlungstag informieren. Eine Nichtzah- nation but in no event later than on the lung aus diesem Grunde begründet keinen Ver- fourth Business Day following the rele- zug der Emittentin und keine anderweitige Ver- vant Optional Settlement Date or Com- letzung ihrer Verpflichtungen aufgrund dieser pulsory Settlement Date. Any such fail- Schuldverschreibungen oder für sonstige Zwe- ure to pay will not constitute a default of cke. the Issuer or any other breach of its obligations under the Notes or for any other purpose.

(10) Ende des Zinslaufs. Der Zinslauf der Schuld- (10) Cessation of Interest Accrual. The Notes shall verschreibungen endet an dem Ende des Tages, cease to bear interest from the end of the day der dem Tag vorausgeht, an dem sie zur Rück- preceding their due date for redemption. If the zahlung fällig werden. Falls die Emittentin die Issuer fails to redeem the Notes when due, in- Schuldverschreibungen bei Fälligkeit nicht zu- terest shall continue to accrue on the outstand- rückzahlt, endet die Verzinsung des ing principal amount of the Notes beyond the

- 38 -

ausstehenden Nennbetrags der Schuldver- due date until the end of the day preceding the schreibungen nicht am Tag vor dem Fällig- actual redemption of the Notes. The applicable keitstag, sondern erst an dem Ende des Tages, rate of interest will be determined in accord- der dem Tag der tatsächlichen Rückzahlung der ance with this § 3. This does not affect any ad- Schuldverschreibungen vorausgeht. Der je- ditional rights that might be available to the weils geltende Zinssatz wird gemäß diesem § 3 Noteholders. bestimmt. Weitergehende Ansprüche der An- leihegläubiger bleiben unberührt.

§ 4 Rückzahlung § 4 Redemption

(1) Rückzahlung bei Endfälligkeit. Soweit nicht (1) Redemption at maturity. To the extent not pre- bereits zuvor unter Einhaltung der Rückzah- viously redeemed in whole or in part or pur- lungsbedingungen ganz oder teilweise zurück- chased and cancelled in compliance with the gezahlt, zurückgekauft und eingezogen, wer- Conditions to Redemption, the Notes shall be den die Schuldverschreibungen am Endfällig- redeemed at their Specified Denomination on keitstag zu der Festgelegten Stückelung zu- the Final Maturity Date. rückgezahlt.

"Endfälligkeitstag" ist, "Final Maturity Date" means,

(a) wenn an dem Vorgesehenen Endfällig- (a) if on the Scheduled Maturity Date (as de- keitstag (wie nachstehend definiert) die fined below) the Conditions to Redemp- Rückzahlungsbedingungen erfüllt sind, tion are fulfilled, the Scheduled Maturity der Vorgesehene Endfälligkeitstag; Date;

(b) andernfalls der erste Zinszahlungstag nach (b) otherwise the first Interest Payment Date dem Vorgesehenen Endfälligkeitsag, an following the Scheduled Maturity Date dem die Rückzahlungsbedingungen erfüllt on which the Conditions to Redemption sind. are fulfilled.

"Vorgesehener Endfälligkeitstag" ist der 9. "Scheduled Maturity Date" means 9 October Oktober 2035. 2035.

(2) Vorzeitige Rückzahlung nach Wahl der Emit- (2) Early redemption at the option of the Issuer. tentin. Die Emittentin ist berechtigt, durch The Issuer may, upon giving not less than 15 Kündigungserklärung gemäß § 4(6) unter Ein- days' notice of redemption in accordance with haltung einer Frist von 15 Tagen und vorbehalt- § 4(6) and subject to the Conditions to Redemp- lich der Erfüllung der Rückzahlungsbedingun- tion being fulfilled, call the Notes for early re- gen, die Schuldverschreibungen (insgesamt demption (in whole but not in part) for the first und nicht nur teilweise) zu jedem Tag während time with effect as of any date during the period des Zeitraums ab dem 9. Juli 2025 (der "Erste from and including 9 July 2025 (the "First Call Kündigungstag") (einschließlich) bis zum Date") to and including the First Reset Date Ersten Resettermin (einschließlich) und an and on any Floating Interest Payment Date jedem nachfolgenden Variablen thereafter. If the Issuer exercises its call right in Zinszahlungstag zur vorzeitigen Rückzahlung accordance with sentence 1 and the Conditions zu kündigen. Wenn die Emittentin ihr Kündi- to Redemption are fulfilled on the specified re- gungsrecht gemäß Satz 1 ausübt und die Rück- demption date, the Issuer shall redeem the zahlungsbedingungen an dem für die Rückzah- Notes at the Specified Denomination together lung festgelegten Tag erfüllt sind, ist die Emit- with accrued interest on the redemption date tentin verpflichtet, die Schuldverschreibungen specified in the notice. an dem in der Bekanntmachung festgelegten Rückzahlungstag zu der Festgelegten Stücke- lung zuzüglich aufgelaufener Zinsen zurückzu- zahlen.

(3) Vorzeitige Rückzahlung wegen des Eintritts ei- (3) Early redemption following a Gross up Event. nes Gross-up-Ereignisses.

Sofern ein Gross-up-Ereignis (wie nachstehend If a Gross up Event (as defined below) occurs, definiert) eintritt, ist die Emittentin vorbehalt- the Issuer may, subject to the Conditions to Re- lich der Erfüllung der Rückzahlungsbedingun- demption being fulfilled, call and redeem the gen berechtigt, die Schuldverschreibungen je- Notes (in whole but not in part) at any time on derzeit (insgesamt, jedoch nicht nur teilweise) giving not less than 30 nor more than 60 days'

- 39 -

durch Kündigungserklärung gemäß § 4(6) unter notice in accordance with § 4(6). If the Issuer Einhaltung einer Frist von nicht weniger als 30 exercises its call right in accordance with sen- und nicht mehr als 60 Tagen zu kündigen. tence 1 and the Conditions to Redemption are Wenn die Emittentin ihr Kündigungsrecht ge- fulfilled on the Call Redemption Date fixed in mäß Satz 1 ausübt und die Rückzahlungsbedin- the notice in accordance with § 4(6), the Issuer gungen an dem in der Kündigungserklärung ge- shall redeem each Note at its Specified Denom- mäß § 4(6) für die Rückzahlung festgelegten ination together with accrued interest on such Tag erfüllt sind, ist die Emittentin verpflichtet, Call Redemption Date. jede Schuldverschreibung an dem in der Kün- digungserklärung festgelegten Rückzahlungs- tag zu ihrer Festgelegten Stückelung zuzüglich aufgelaufener Zinsen zurückzuzahlen.

Eine solche Kündigungserklärung darf nicht No such notice of redemption shall be given früher als 90 Tage vor dem Tag erfolgen, an earlier than 90 days prior to the earliest date on dem die Emittentin erstmals verpflichtet wäre, which the Issuer would be for the first time Zusätzliche Beträge (wie § 6 definiert) zu zah- obliged to pay any Additional Amounts (as de- len. fined § 6).

Ein "Gross-up-Ereignis" tritt ein, wenn der A "Gross up Event" will occur if an opinion of Emittentin ein Gutachten einer anerkannten a recognised law firm has been delivered to the Anwaltskanzlei vorliegt (und die Emittentin Issuer (and the Issuer has provided the Fiscal dem Fiscal Agent eine Kopie davon gibt), aus Agent with a copy thereof) stating that, as a re- dem hervorgeht, dass aufgrund einer Rechtsän- sult of any Change of Law (as defined below), derung (wie nachstehend definiert) die Emit- the Issuer has or will become obliged to pay tentin verpflichtet ist oder verpflichtet sein Additional Amounts pursuant to § 6 on the wird, Zusätzliche Beträge gemäß § 6 auf die Notes, provided that such obligation cannot be Schuldverschreibungen zu zahlen, sofern die avoided by the Issuer, taking such measures it Emittentin diese Verpflichtung nicht abwenden (acting in good faith) deems reasonable and ap- kann, indem sie Maßnahmen ergreift, die sie propriate. nach Treu und Glauben für zumutbar und angemessen hält.

"Rechtsänderung" bezeichnet jede Änderung "Change of Law" means any change in (or in (einschließlich einer Änderung der Auslegung the interpretation or application of) any law or oder Anwendung) von Rechtsvorschriften oder any published practice or published concession von veröffentlichten Verwaltungsanweisungen of any relevant authority which change or einer zuständigen Behörde, welche an oder amendment becomes effective on or after the nach dem Tag der Begebung der ersten Tranche date of issue of the first tranche of the Notes der Schuldverschreibungen in Kraft tritt (ein- (including in case any such change or amend- schließlich des Falles, dass die betreffende Än- ment has retroactive effect). derung rückwirkend Anwendung findet).

(4) Vorzeitige Rückzahlung nach Eintritt eines (4) Early redemption following a Tax Event, a Reg- Steuerereignisses, Aufsichtsrechtlichen Ereig- ulatory Event an Accounting Event, or a Rating nisses, Rechnungslegungs-Ereignisses oder Agency Event. Ratingagenturereignisses.

(a) Sofern ein Aufsichtsrechtliches Ereig- (a) If a Regulatory Event, Accounting Event nis, Rechnungslegungs-Ereignis oder or Rating Agency Event (as defined be- Ratingagenturereignis (wie nachste- low) occurs, the Issuer may, subject to hend definiert) eintritt, ist die Emitten- the Conditions to Redemption being ful- tin vorbehaltlich der Erfüllung der filled, call and redeem the Notes (in Rückzahlungsbedingungen berechtigt, whole but not in part) at any time on giv- die Schuldverschreibungen jederzeit ing not less than 30 nor more than 60 (insgesamt, jedoch nicht nur teilweise) days' notice in accordance with § 4(6). If durch Erklärung gemäß § 4(6) unter the Issuer exercises its call right in ac- Einhaltung einer Frist von nicht weni- cordance with sentence 1 and the Condi- ger als 30 und nicht mehr als 60 Tagen tions to Redemption are fulfilled on the zu kündigen. Wenn die Emittentin ihr Call Redemption Date fixed in the notice Kündigungsrecht gemäß Satz 1 ausübt in accordance with § 4(6), the Issuer shall und die Rückzahlungsbedingungen an redeem each Note at its Specified De- dem in der Kündigungserklärung ge- nomination together with accrued inter- mäß § 4(6) für die Rückzahlung est on such Call Redemption Date.

- 40 -

festgelegten Tag erfüllt sind, ist die Emittentin verpflichtet, jede Schuld- verschreibung an dem in der Kündi- gungserklärung festgelegten Rückzah- lungstag zu ihrer Festgelegten Stücke- lung zuzüglich aufgelaufener Zinsen zurückzuzahlen.

Im Falle eines Steuerereignisses darf In the case of a Tax Event, no such notice eine solche Kündigungserklärung nicht of redemption may be given earlier than früher als 90 Tage vor dem Tag erfolgen, 90 days prior to the date, on which the an dem die Abzugsfähigkeit des Zinsauf- deductibility of the interest expense wands entfallen würde. would fall away.

Die Emittentin ist berechtigt, die Schuld- The Issuer may, in the case of a Regula- verschreibungen im Falle eines Auf- tory Event, Accounting Event or Rating sichtsrechtlichen Ereignisses, eines Agency Event call the Notes for early re- Rechnungslegungs-Ereignisses oder ei- demption by publishing a notice to the nes Ratingagenturereignisses durch Er- Noteholders in accordance with § 10 sub- klärung gemäß § 10 unter Einhaltung ei- ject to observing a notice period of not ner Frist von nicht weniger als 30 und less than 30 nor more than 60 days prior nicht mehr als 60 Tagen vor dem für die to the specified redemption date. Rückzahlung festgelegten Tag zur vorzeitigen Rückzahlung zu kündigen.

(b) Ein "Steuerereignis" tritt ein, wenn der (b) A "Tax Event" will occur if an opinion Emittentin ein Gutachten einer anerkann- of a recognised law firm has been deliv- ten Anwaltskanzlei vorliegt (und die Emit- ered to the Issuer (and the Issuer has pro- tentin dem Fiscal Agent eine Kopie davon vided the Fiscal Agent with a copy gibt), aus dem hervorgeht, dass aufgrund thereof) stating that, as a result of any einer Rechtsänderung der Zinsaufwand Change of Law, the interest expense in aus den Schuldverschreibungen für die respect of the Notes is no longer, or will Emittentin nicht mehr für Zwecke der Er- no longer be, fully deductible by the Is- tragsteuer voll abzugsfähig ist bzw. nicht suer for income tax purposes, provided mehr voll abzugsfähig sein wird, sofern that such risk cannot be avoided by the die Emittentin dieses Risiko nicht abwen- Issuer, taking such measures it (acting in den kann, indem sie Maßnahmen ergreift, good faith) deems reasonable and appro- die sie nach Treu und Glauben für zumut- priate. bar und angemessen hält.

(c) Ein "Aufsichtsrechtliches Ereignis" tritt (c) A "Regulatory Event" will occur if the ein, wenn die Zuständige Aufsichtsbe- Competent Supervisory Authority states hörde schriftlich gegenüber der Emittentin in writing to the Issuer that under the Ap- feststellt, dass nach den Anwendbaren plicable Supervisory Regulations the Aufsichtsrechtlichen Vorschriften die Notes (in whole or in part) would not be Schuldverschreibungen (insgesamt oder eligible to qualify for inclusion in the de- teilweise) nicht die Anforderungen für die termination of own funds as Tier 2 Capi- Einbeziehung in die Berechnung der Ei- tal (as defined below) for single solvency genmittel als Tier 2 Kapital (wie nachste- purposes of the Issuer or for group sol- hend definiert) für Zwecke der Ermittlung vency purposes of the Issuer's group (in- der Solo-Solvabilität der Emittentin oder cluding the capital adequacy of interna- der Gruppen-Solvabilität der Gruppe der tionally active insurance groups (IAIG)), Emittentin (einschließlich der Kapitaladä- or that they no longer fulfil such require- quanz von international aktiven Versiche- ments provided that the Notes did fulfil rungsgruppen (IAIG)) erfüllen oder sie such requirements, except in each case derartige Anforderungen nicht länger er- where this is merely the result of exceed- füllen, nachdem sie diese Anforderungen ing any applicable limits on the inclusion zunächst erfüllt hatten, es sei denn, dies of the Notes in the Tier 2 Capital of the beruht in den genannten Fällen allein auf Issuer or the Issuer's group pursuant to der Überschreitung der Anrechnungsober- the Applicable Supervisory Regulations. grenzen für die Einbeziehung solcher Wertpapiere in das Tier 2 Kapital der Emittentin oder der Gruppe der Emittentin

- 41 -

aufgrund der Anwendbaren Aufsichts- rechtlichen Vorschriften. (d) An "Accounting Event" will occur if the (d) Ein "Rechnungslegungs-Ereignis" tritt Issuer as a result of any change in or ein, wenn die Emittentin aufgrund einer an amendment to the Applicable Account- oder nach dem Tag der Begebung der ing Standards (as defined below), which Schuldverschreibungen eingetretenen Än- change or amendment becomes effective derung der Anwendbaren Rechnungsle- on or after the date of issue of the Notes, gungsvorschriften (wie nachstehend defi- must not or must no longer record the ob- niert) die Schuldverschreibungen in dem ligations under the Notes as liabilities on nach Maßgabe der Anwendbaren Rech- the balance sheet in the Issuer's annual nungslegungsvorschriften aufgestellten consolidated accounts prepared in ac- Konzernjahresabschluss der Emittentin cordance with the Applicable Account- nicht oder nicht mehr als Verbindlichkei- ing Standards and this cannot be avoided ten in der Bilanz ausweisen kann und die by the Issuer taking such measures it Emittentin dies nicht abwenden kann, in- (acting in good faith) deems appropriate. dem sie Maßnahmen ergreift, die sie nach Where: Treu und Glauben für angemessen hält. Dabei gilt Folgendes: "Applicable Accounting Standards" "Anwendbare Rechnungslegungsvor- means the International Financial Re- schriften" bezeichnet die International Fi- porting Standards (IFRS), as applicable nancial Reporting Standards (IFRS), wie at the relevant dates and for the relevant sie zu den jeweiligen Stichtagen und für periods, or other accounting principles die jeweiligen Rechnungslegungsperioden generally accepted and applied by the Is- anwendbar sind, oder andere, von der suer which subsequently supersede them. Emittentin anzuwendende, allgemein an- erkannte Rechnungslegungsgrundsätze, die diese in Zukunft ersetzen. (e) A "Rating Agency Event" will occur if, (e) Ein "Ratingagenturereignis" tritt ein, as a consequence of a change in, or clar- wenn sich aufgrund einer an oder nach ification to, the rating methodology of an dem Tag der Begebung der Schuldver- Rating Agency (as defined below), schreibungen eingetretenen Änderung o- which change or clarification becomes der Klarstellung der Rating-Methodologie effective on or after the date of issue of einer Rating Agentur (wie nachstehend the Notes, the capital treatment of the definiert) die Behandlung der Schuldver- Notes for the Issuer or the Issuer's group schreibungen für die Bemessung der Ka- worsens, as compared to the capital treat- pitalisierung der Emittentin oder der ment of the Notes for the Issuer or the Is- Gruppe der Emittentin im Vergleich zu suer's group assigned at or around the der Behandlung der Schuldverschreibun- date of issue of the Notes. gen für die Bemessung der Kapitalisierung der Emittentin oder der Gruppe der Emit- tentin an dem oder um den Tag der Bege- bung der Schuldverschreibungen ver- schlechtert. "Rating Agency" means each of the rat- "Rating Agentur" bezeichnet jede der ing agencies of Fitch Ratings, Moody's Ratingagenturen von Fitch Ratings, Investors Service or Standard & Poor's Moody's Investors Service oder Standard Credit Market Services Europe Limited & Poor's Credit Market Services Europe (German Branch) and their respective Limited (Niederlassung Deutschland) und successors to their ratings business. die jeweiligen Rechtsnachfolger ihres Ra- tinggeschäfts. (f) In case of a Rating Agency Event, the Is- (f) Im Falle eines Ratingagenturereignisses suer will have a right to redeem the Notes ist die Emittentin nur dann berechtigt, die only by giving notice of redemption not Schuldverschreibungen zurückzuzahlen, earlier than 90 calendar days prior to the wenn sie die Kündigungserklärung nicht earliest calendar day on which the Issuer früher als 90 Kalendertage vor dem ersten would have been subject to the reduction Kalendertag, an dem die Emittentin der in equity credit. Reduzierung der Eigenkapitalanrechnung unterliegen würde, abgibt.

- 42 -

(g) "Tier 2 Capital" means tier 2 own funds (g) "Tier 2 Kapital" bezeichnet Tier 2 Eigen- and additional capital (as stipulated in the mittel und ergänzende Eigenmittel (addi- Applicable Supervisory Regulations). tional capital) (wie in den Anwendbaren Aufsichtsrechtlichen Vorschriften definiert). (5) Conditions to Redemption. The "Conditions to (5) Rückzahlungsbedingungen. Die "Rück- Redemption" are fulfilled on any day with re- zahlungsbedingungen" sind an einem Tag spect to a scheduled redemption or a planned in Bezug auf eine vorgesehene Rückzah- repurchase of the Notes, if lung oder einen geplanten Rückkauf der Schuldverschreibungen erfüllt, wenn (a) no Insolvency Event has occurred and is (a) kein Insolvenzereignis eingetreten ist continuing on such date, and if the pay- und an diesem Tag fortbesteht, und ment of the Redemption Amount or the wenn die Zahlung des Rückzahlungs- purchase would not result in, or acceler- betrages bzw. der Rückkauf nicht zu ei- ate, the occurrence of an Insolvency nem Insolvenzereignis führen oder des- Event; and sen Eintritt beschleunigen würde; und (b) no Solvency Capital Event has occurred (b) kein Solvenzkapitalereignis eingetre- and is continuing or would be caused by ten ist und fortbesteht oder durch die the redemption by the Issuer or the repur- Rückzahlung der Schuldverschreibun- chase of the Notes, unless gen durch die Emittentin bzw. durch den Rückkauf eintreten würde, es sei denn,

(i) die Zuständige Aufsichtsbehörde (i) the Competent Supervisory Au- hat ausnahmsweise ihre vorhe- thority has exceptionally given, rige Zustimmung zu der Rück- and not withdrawn by such date, zahlung der Schuldverschreibun- its prior consent to the redemption gen und zu dem Rückkauf der of the Notes or to the repurchase Schuldverschreibungen trotz Sol- of the Notes despite the Solvency venzkapitalereignis erteilt und Capital Event; and ihre vorherige Zustimmung bis zu diesem Tag nicht widerrufen; und

(ii) das Kapital ist durch die Einzah- (ii) the capital has been replaced by lung anderer, zumindest gleich- other at least equivalent own funds wertiger Eigenmittel ersetzt wor- (Eigenmittel); and den; und

(iii) die geltenden Mindestkapitalan- (iii) the applicable minimum capital forderungen (MCR) der Emitten- requirement (MCR) of the Issuer tin und das Minimum der konso- and the minimum consolidated lidierten Solvenzkapitalanforde- solvency capital requirement for rung für die Gruppe der Emitten- the Issuer's group in accordance tin gemäß der Solvency II Richt- with the Solvency II Directive are linie sind auch nach der Rück- fulfilled also after the redemption zahlung der Schuldverschreibun- of the Notes or the repurchase gen bzw. des Rückkaufbetrages amount; and erfüllt; und (c) die Zuständige Aufsichtsbehörde ihre (c) the Competent Supervisory Authority vorherige Zustimmung zur Rückzah- has given, and not withdrawn by such lung bzw. zu dem Rückkauf erteilt und day, its prior consent to the redemption bis zu diesem Tag nicht widerrufen hat; of the Notes or to the repurchase of the und Notes; and

(d) in Bezug auf eine Rückzahlung oder einen Rückkauf gemäß § 4(4)(b) oder § 4(4)(c), (d) in the case of any redemption or purchase vor dem Ersten Kündigungstag der Zu- pursuant to § 4(4)(b) or § 4(4)(c) prior to ständigen Aufsichtsbehörde zu Ihrer Zu- the First Call Date, the Competent Super- friedenheit nachgewiesen wurde, dass visory Authority, being satisfied that the

- 43 -

unter Berücksichtigung der Solvenz der solvency capital requirement applicable Emittentin und der Gruppe der Emittentin to the Issuer and the Issuer's group (if and (wenn und soweit diese im Hinblick auf to the extent it is subject to supervision die Gruppensolvabilität beaufsichtigt for group solvency purposes will be ex- wird) einschließlich ihres mittelfristigen ceeded by an appropriate margin imme- Kapitalmanagementplans die Solvenzka- diately after such redemption or purchase pitalanforderung der Emittentin nach der (taking into account the solvency posi- Rückzahlung oder Tilgung zuzüglich ei- tion of the Issuer, including its medium- ner angemessenen Sicherheitsmarge be- term capital management plan); and deckt ist; und

(i) in Bezug auf eine Rückzahlung oder (i) in the case of any such redemption einen Rückkauf infolge eines Steuer- or repurchase following the occur- ereignisses die Emittentin der Auf- rence of a Tax Event, the Issuer sichtsbehörde gegenüber hinreichend having demonstrated to the satis- nachweist, dass die Änderung bei der faction of the Competent Supervi- steuerlichen Behandlung wesentlich sory Authority that the applicable ist und zum Zeitpunkt der Emission change in tax treatment is material des Basiseigenmittelbestandteils and was not reasonably foreseea- nach vernünftigem Ermessen nicht ble as at the Issue Date; vorherzusehen war;

(ii) in Bezug auf eine Rückzahlung oder (ii) in the case of any such redemption einen Rückkauf infolge eines Auf- or repurchase following the occur- sichtsrechtlichen Ereignisses es die rence of a Regulatory Event, the Zuständige Aufsichtsbehörde für Competent Supervisory Authority ausreichend sicher hält, dass es zu ei- considering that the relevant ner regulatorischen Neueinstufung change in the regulatory classifi- der Schuldverschreibungen kommt cation of the Notes is sufficiently und die Emittentin der Zuständigen certain and the Issuer having Aufsichtsbehörde hinreichend nach- demonstrated to the satisfaction of weist, dass diese Neueinstufung zum the Competent Supervisory Au- Begebungstag nicht vorherzusehen thority that such change was not war. reasonably foreseeable as at the Is- sue Date. (e) im Falle einer Rückzahlung oder eines (e) in the event of a redemption or repur- Rückkaufs der Schuldverschreibungen chase of the Notes or a substitution pur- oder einer Schuldnerersetzung nach § 9 suant to § 9 prior to 9 July 2025 the cap- vor 9. Juli 2025 das Kapital durch die ital has been replaced by other at least Einzahlung anderer, zumindest gleich- equivalent own funds (Eigenmittel), to wertiger Eigenmittel ersetzt worden ist, the extent and as long as this is required solange und soweit dies für die Aner- for a recognition as Tier 2 Capital. kennung als Tier 2 Kapital erforderlich ist. (6) Notice of redemption. The appropriate notice of (6) Kündigungserklärung. Die Kündigung er- redemption is a notice given by the Issuer to the folgt durch Bekanntmachung der Emittentin Noteholders in accordance with § 10 which no- an die Anleihegläubiger gemäß § 10. Die tice shall be irrevocable and shall specify: Kündigung ist unwiderruflich, und in ihr wird bestimmt:

(a) genaue Bezeichnung der zur Rück- (a) precise designation of the series of Notes zahlung anstehenden Serie, ein- subject to redemption, including the se- schließlich der Wertpapierkennun- curities codes; gen;

(b) der betreffende Tag der vorzeiti- (b) the applicable date of early redemption gen Rückzahlung (Rückzah- (redemption date); and lungstag); und

(c) der betreffende Rückzahlungsbe- (c) the applicable redemption amount at trag, zu dem die which such Notes are to be redeemed early.

- 44 -

Schuldverschreibungen vorzeitig zurückgezahlt werden.

Die Emittentin wird jeder Börse, an der die The Issuer will inform, if required by such Schuldverschreibungen auf Veranlassung der stock exchange on which the Notes are listed at Emittentin notiert sind und deren Regeln eine the initiative of the Issuer, such stock exchange Mitteilung an die Börse verlangen, umgehend as soon as possible of such redemption. Mitteilung über die Kündigung machen.

Die Rückzahlung gemäß § 4(2), § 4§ 1(3) oder Even if such notice of redemption is given pur- § 4§ 1(4) steht auch nach einer Kündigungser- suant to § 4(2), § 4(3) or § 4(4), the redemption klärung unter dem Vorbehalt der Erfüllung der is subject to the Conditions to Redemption be- Rückzahlungsbedingungen an dem in der Kün- ing fulfilled on the date fixed for redemption in digungserklärung gemäß diesem § 4(6) für die the notice pursuant to this § 4(6). Rückzahlung festgelegten Tag.

(7) Keine vorzeitige Rückzahlung nach Wahl des (7) No early redemption at the option of a Note- Anleihegläubigers. holder.

Die Anleihegläubiger sind zu keinem Zeitpunkt The Noteholders shall not be entitled to put the berechtigt, von der Emittentin eine Rückzah- Notes for redemption. lung der Schuldverschreibungen zu verlangen.

(8) Erwerb. (8) Purchase.

Die Emittentin oder jede ihrer jeweiligen Toch- The Issuer or any of their respective subsidiar- tergesellschaften können jederzeit vorbehalt- ies may at any time and subject to the Condi- lich der Erfüllung der Rückzahlungsbedingun- tions to Redemption and mandatory provisions gen und zwingender gesetzlicher Regelungen of law purchase Notes in the open market or Schuldverschreibungen auf dem freien Markt otherwise and at any price. Such acquired oder anderweitig sowie zu jedem beliebigen Notes may be cancelled, held or resold. Preis erwerben. Derartig erworbene Schuldver- schreibungen können eingezogen, gehalten o- der wieder veräußert werden.

§ 5 Zahlungen § 5 Payments

(1) Zahlungen. Die Zahlung von Kapital und Zin- (1) Payments. Payment of principal and interest on sen auf die Schuldverschreibungen erfolgt an the Notes shall be made to, or to the order of, das Clearingsystem oder an dessen Order zur the Clearing System for credit to the relevant Gutschrift auf den Konten der jeweiligen Kon- account holders of the Clearing System. Pay- toinhaber des Clearingsystems. Die Zahlung ment of interest on Notes represented by a Tem- von Zinsen auf Schuldverschreibungen, die porary Global Note shall be made, upon due durch eine Vorläufige Globalurkunde verbrieft certification as provided in § 1(3). sind, erfolgt nach ordnungsgemäßem Nachweis gemäß § 1(3).

(2) Zahlungsweise. Sämtliche auf die Schuldver- (2) Manner of Payment. Payments of any amounts schreibungen zu leistenden Zahlungen werden due in respect of the Notes shall be made in the in der Festgelegten Währung geleistet. Den An- Specified Currency. No commission or ex- leihegläubigern werden keine Kosten oder Ge- penses shall be charged to the Noteholders in bühren in Bezug auf diese Zahlungen von der respect of such payments by the Issuer. All pay- Emittentin auferlegt. Sämtliche Zahlungen ste- ments will be subject to all applicable provi- hen unter dem Vorbehalt geltender Rechtsvor- sions of law and of agreements to which the Is- schriften und Verträge, denen sich die Emitten- suer, the Fiscal Agent or any Paying Agent tin, der Fiscal Agent oder eine Zahlstelle unter- agrees to be subject. Without prejudice to the worfen haben. Vorbehaltlich § 6 ist die Emit- provisions of § 6, the Issuer will not be obliged tentin nicht verpflichtet, zusätzliche Beträge als to pay to the Noteholders any additional Ausgleich für irgendwelche Steuern an die An- amounts as compensation for any Taxes. leihegläubiger zu zahlen.

"Steuern" bezeichnet alle Steuern, Abgaben o- "Taxes" means any taxes, duties, or charges of der Gebühren jedweder Art, die von einem whatever nature imposed, levied, collected,

- 45 -

Staat oder einer seiner Untergliederungen oder withheld or assessed by any jurisdiction or any von einer zur Erhebung von Steuern berechtig- of its political subdivisions, or by any authority ten Behörde oder sonstigen Stelle auferlegt, er- or any other agency that has power to tax (in- hoben, eingezogen, einbehalten oder festge- cluding any penalty or interest payable in con- setzt werden (einschließlich von Strafzuschlä- nection with any failure to pay or any delay in gen und Verzugszinsen im Zusammenhang mit paying any of the same). verspäteter oder unterlassener Zahlung solcher Steuern).

(3) Die Emittentin wird durch Leistung der Zah- (3) The Issuer shall be discharged by payment to, lung an das Clearingsystem oder an dessen Or- or to the order of, the Clearing System. der von ihrer Zahlungspflicht befreit.

(4) Zahltag. Fällt der Fälligkeitstag einer Zahlung (4) Payment Business Day. If the due date for pay- in Bezug auf eine Schuldverschreibung auf ei- ment of any amount in respect of any Note is nen Tag, der kein Zahltag (wie nachstehend de- not a Payment Business Day (as defined below) finiert) ist, dann hat der Anleihegläubiger kei- then the Noteholder shall not be entitled to pay- nen Anspruch auf Zahlung vor dem nächstfol- ment until the next such day in the relevant genden Zahltag am jeweiligen Geschäftsort. place.

Der Anleihegläubiger ist nicht berechtigt, Zin- The Noteholder shall not be entitled to any in- sen oder sonstige Zahlungen aufgrund dieser terest or other payment in respect of such delay. Verspätung zu verlangen.

Für diese Zwecke bezeichnet "Zahltag" einen For these purposes, "Payment Business Day" Tag (außer einem Samstag oder Sonntag), (i) an means a day which is a day (other than a Satur- dem das Clearingsystem und (ii) alle betroffe- day or a Sunday) on which both (i) the Clearing nen Bereiche des Trans- European Automated System, and (ii) all relevant parts of the Trans- Real-time Gross settlement Express Transfer European Automated Real-time Gross settle- system 2 (TARGET) geöffnet sind, um Zahlun- ment Express Transfer system 2 (TARGET) are gen abzuwickeln. open to effect payments.

§ 6 Besteuerung § 6 Taxation

(1) Sämtliche auf die Schuldverschreibungen zu (1) All amounts to be paid in respect of the Notes zahlenden Beträge werden ohne Einbehalt oder will be paid free and clear of, and without with- Abzug von Steuern geleistet, sofern nicht die holding or deduction for, Taxes, unless the Is- Emittentin kraft Gesetzes oder einer sonstigen suer is compelled by law to make such with- Rechtsvorschrift zu einem solchen Einbehalt o- holding or deduction. der Abzug verpflichtet ist. (2) If the Issuer is required by its jurisdiction of res- (2) Sofern die Emittentin in dem Staat, in dem sie idence for tax purposes to make a withholding steuerlich ansässig ist, zu einem Einbehalt oder or deduction of Taxes, the Issuer will pay such Abzug von Steuern verpflichtet ist, wird die additional amounts (the "Additional Emittentin zusätzliche Beträge (die "Zusätzli- Amounts") to the Noteholders as the Notehold- chen Beträge") an die Anleihegläubiger zah- ers would have received if no such withholding len, so dass die Anleihegläubiger diejenigen or deduction had been required, except that no Beträge erhalten, die sie ohne den betreffenden such Additional Amounts will be payable for Einbehalt oder Abzug erhalten hätten. Solche any such Taxes in respect of any Note: Zusätzlichen Beträge sind jedoch nicht zahlbar wegen solcher Steuern in Bezug auf Schuldver- schreibungen,

(a) die aufgrund einer Verbindung des be- (a) which are to be withheld or deducted by treffenden Anleihegläubigers zu dem reason of the relevant Noteholder having Staat, in dem die Emittentin steuerlich some connection with the Issuer's juris- ansässig ist, einzubehalten oder abzu- diction of residence for tax purposes ziehen sind, es sei denn, dass diese Ver- other than the mere holding of that Note; bindung ausschließlich in der bloßen or Inhaberschaft der Schuldverschreibun- gen besteht; oder

- 46 -

(b) deren Einbehalt oder Abzug ein Anlei- (b) the withholding or deduction of which a hegläubiger durch Vorlage eines For- Noteholder would be able to avoid by mulars oder einer Ansässigkeitsbestäti- presenting any form or certificate of res- gung und/oder durch Abgabe einer idence and/or making a declaration of Nichtansässigkeitserklärung oder Inan- non-residence or similar claim for ex- spruchnahme einer vergleichbaren emption or refund but fails to do so; or Ausnahme oder Geltendmachung eines Erstattungsanspruches hätte vermeiden können, aber nicht vermieden hat; oder

(c) die aufgrund (i) einer Rechtsvorschrift (c) which are to be withheld or deducted pur- der Europäischen Union betreffend die suant to (i) any legal act of the European Besteuerung von Zinserträgen oder (ii) Union concerning the taxation of interest eines zwischenstaatlichen Abkommens income, or (ii) any international agree- oder einer zwischenstaatlichen Ver- ment or understanding relating to such ständigung über die Besteuerung von taxation and to which the Issuer's country Zinserträgen, an der der Staat, in dem of domicile for tax purposes or the Euro- die Emittentin steuerlich ansässig ist, o- pean Union is a party, or (iii) any provider die Europäische Union beteiligt ist, sion of domestic law implementing, or oder (iii) einer innerstaatlichen Rechts- complying with, or introduced to con- vorschrift, welche die genannten form with, such legal acts, agreements or Rechtsakte, Abkommen oder Verstän- understandings. digungen umsetzt oder befolgt, abzu- ziehen oder einzubehalten sind.

(3) Die Emittentin ist nicht verpflichtet, Zusätzli- (3) In any event, the Issuer will not have any obli- che Beträge in Bezug auf einen Einbehalt oder gation to pay Additional Amounts in relation to Abzug von Steuern zu zahlen, die gemäß Sec- any withholding or deduction of any tax tions 1471 bis 1474 des U.S. Internal Revenue amounts required by the rules of U.S. Internal Code (in der jeweils geltenden Fassung oder Revenue Code Sections 1471 through 1474 (or gemäß Nachfolgebestimmungen), gemäß zwi- any amended or successor provisions), pursu- schenstaatlicher Abkommen, gemäß den in ei- ant to any inter-governmental agreement, or ner anderen Rechtsordnung in Zusammenhang implementing legislation adopted by another mit diesen Bestimmungen erlassenen Durch- jurisdiction in connection with these provi- führungsvorschriften oder gemäß von der Emit- sions, or pursuant to any agreement of the Is- tentin, der jeweiligen Zahlstelle oder einem an- suer, the relevant Paying Agent or any other deren Beteiligten mit dem U.S. Internal Reve- party with the U.S. Internal Revenue Service nue Service geschlossenen Verträgen abgezo- ("FATCA Withholding"), or to indemnify any gen oder einbehalten wurden ("FATCA-Steu- Noteholder in relation to any FATCA With- erabzug"), noch Anleihegläubiger in Bezug holding. auf einen FATCA-Steuerabzug schadlos zu halten.

§ 7 Vorlegung, Verjährung § 7 Presentation, Prescription

(1) Vorlegungsfrist. Die Vorlegungsfrist gemäß (1) Presentation. The period for presentation of § 801 Absatz 1 Satz 1 BGB für fällige Schuld- Notes due, as established in § 801 paragraph 1 verschreibungen wird auf zehn Jahre verkürzt. sentence 1 of the German Civil Code (Bürger- liches Gesetzbuch), is reduced to ten years.

(2) Verjährungsfrist. Die Verjährungsfrist für in- (2) Prescription. The period for prescription for nerhalb der Vorlegungsfrist zur Zahlung vorge- Notes presented for payment during the presen- legte Schuldverschreibungen beträgt zwei tation period shall be two years beginning at the Jahre von dem Ende der betreffenden Vorle- end of the relevant presentation period. gungsfrist an.

§ 8 Fiscal Agent, Zahlstelle(n) und Be- § 8 Fiscal Agent, Paying Agent(s) and Cal- rechnungsstelle culation Agent

(1) Bestellung; bezeichnete Geschäftsstelle. Der (1) Appointment, specified office. The Fiscal Fiscal Agent, die Berechnungsstelle und die Agent, the Calculation Agent and the Paying Zahlstelle sind nachstehend mit den benannten Agent and their respective initial specified of- anfänglichen Geschäftsstellen aufgeführt: fices are as follows:

- 47 -

Fiscal Agent, Berechnungsstelle und Zahl- Fiscal Agent, Calculation Agent and Paying stelle: Agent: HSBC Bank plc. HSBC Bank plc. Level 28, 8 Canada Square Level 28, 8 Canada Square London E14 5HQ London E14 5HQ United Kingdom. United Kingdom.

(2) Änderung der Bestellung oder Abberufung. Die (2) Variation or termination of appointment. The Emittentin behält sich das Recht vor, jederzeit Issuer reserves the right at any time to appoint zusätzliche Zahlstellen (gemeinsam mit der additional paying agents (together with the vorgenannten Zahlstelle, die "Zahlstellen" und Paying Agent specified above, the "Paying jede eine "Zahlstelle") zu benennen. Agents" and each a "Paying Agent").

Die Emittentin behält sich ferner das Recht vor, The Issuer further reserves the right at any time die Ernennung des Fiscal Agent, der Berech- to vary or terminate the appointment of the Fis- nungsstelle und der Zahlstellen jederzeit anders cal Agent, the Calculation Agent and the Pay- zu regeln oder zu beenden. ing Agent.

Die Emittentin wird sicherstellen, dass jeder- The Issuer will at all times maintain (i) a Fiscal zeit (i) ein Fiscal Agent und eine Berechnungs- Agent and Calculation Agent, (ii) a Paying stelle, (ii) eine Zahlstelle mit einer Geschäfts- Agent with a specified office in a continental stelle in einem Land auf dem europäischen European country and (iii) so long as the Notes Festland und (iii) so lange die Schuldverschrei- are listed on a stock exchange at the initiative bungen auf Veranlassung der Emittentin an ei- of the Issuer, a Paying Agent with a specified ner Börse notiert werden, eine Zahlstelle mit ei- office in such country as may be required by the ner benannten Geschäftsstelle in dem von der rules of the relevant stock exchange. Notice of betreffenden Börse vorgeschriebenen Land be- all changes in the identities or specified offices stimmt ist. Bekanntmachungen hinsichtlich al- of the Fiscal Agent, the Calculation Agent and ler Veränderungen im Hinblick auf den Fiscal any Paying Agent will be given promptly by the Agent, die Berechnungsstelle und etwaige Issuer to the Noteholders in accordance with § Zahlstellen erfolgen unverzüglich durch die 10. Emittentin gemäß § 10.

(3) Erfüllungsgehilfe(n) der Emittentin. Der Fiscal (3) Agent of the Issuer. The Fiscal Agent, the Cal- Agent, die Berechnungsstelle und die Zahl- culation Agent and the Paying Agent(s) act stelle(n) handeln ausschließlich als Beauftragte solely as agents of the Issuer and do not assume der Emittentin und übernehmen keinerlei Ver- any obligations towards or relationship of pflichtungen gegenüber dem Anleihegläubiger; agency or trust for the Noteholder. es wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und dem Anleihegläubiger be- gründet.

(4) Wenn die Emittentin gemäß diesen Anleihebe- (4) If the Issuer appoints an Independent Advisor dingungen einen Unabhängigen Berater be- in accordance with these Terms and Condi- stellt, dann ist § 8(3) entsprechend auf den Un- tions, § 8(3) shall apply mutatis mutandis to the abhängigen Berater anzuwenden. Independent Advisor.

§ 9 Schuldnerersetzung § 9 Substitution

(1) Ersetzung. (1) Substitution.

Die Emittentin ist jederzeit berechtigt, ohne Zu- The Issuer may at any time, without the consent stimmung der Anleihegläubiger eine andere of the Noteholders, substitute for the Issuer any Gesellschaft, die direkt oder indirekt von der other company which is directly or indirectly Emittentin kontrolliert wird, als neue Emitten- controlled by the Issuer as new issuer (the tin für alle sich aus oder im Zusammenhang mit "New Issuer") in respect of all obligations aris- den Schuldverschreibungen ergebenden Ver- ing under or in connection with the Notes with pflichtungen mit schuldbefreiender Wirkung the effect of releasing the Issuer of all such ob- für die Emittentin an die Stelle der Emittentin ligations, if: zu setzen (die "Neue Emittentin"), sofern

(a) die Neue Emittentin sämtliche Ver- (a) the New Issuer assumes any and all obli- pflichtungen der Emittentin aus oder im gations of the Issuer arising under or in

- 48 -

Zusammenhang mit den Schuldver- connection with the Notes and, if service schreibungen übernimmt und, sofern of process vis-à-vis the New Issuer eine Zustellung an die Neue Emittentin would have to be effected outside the außerhalb der Bundesrepublik Federal Republic of Germany or the Re- Deutschland oder der Republik Öster- public of Austria, appoints a process reich erfolgen müsste, einen Zustel- agent within the Federal Republic of lungsbevollmächtigten in der Bundes- Germany; republik Deutschland bestellt;

(b) die Emittentin und die Neue Emittentin (b) the Issuer and the New Issuer have ob- sämtliche für die Schuldnerersetzung tained all authorisations and approvals und die Erfüllung der Verpflichtungen necessary for the substitution and the ful- aus oder im Zusammenhang mit den filment of the obligations arising under Schuldverschreibungen erforderlichen or in connection with the Notes; Genehmigungen erhalten haben;

(c) die Neue Emittentin in der Lage ist, (c) the New Issuer is in the position to pay to sämtliche zur Erfüllung der aufgrund the Clearing System or to the Fiscal der Schuldverschreibungen bestehen- Agent in the Specified Currency and den Zahlungsverpflichtungen erforder- without deducting or withholding any lichen Beträge in der Festgelegten taxes or other duties of whatever nature Währung an das Clearingsystem oder imposed, levied or deducted by the coun- den Fiscal Agent zu zahlen, und zwar try in which the New Issuer has its dom- ohne Abzug oder Einbehalt von Steu- icile for tax purposes all amounts re- ern oder sonstigen Abgaben jedweder quired for the performance of the pay- Art, die von dem Land, in dem die Neue ment obligations arising from or in con- Emittentin steuerlich ansässig ist, auf- nection with the Notes. erlegt, erhoben oder eingezogen werden.

(d) die Zuständige Aufsichtsbehörde der (d) the Competent Supervisory Authority Schuldnerersetzung zugestimmt hat; has given its prior consent thereto; and und (e) the Conditions to Redemption, which (e) die Rückzahlungsbedingungen, die für shall apply mutatis mutandis to the sub- die Schuldnerersetzung entsprechende stitution, are fulfilled at the time of the Anwendung finden, zum Zeitpunkt der substitution. Schuldnerersetzung erfüllt sind.

(2) Bezugnahmen. (2) References.

Im Fall einer Schuldnerersetzung gemäß § 9(1) In the event of a substitution pursuant to § 9(1), gilt jede Bezugnahme in diesen Anleihebedin- any reference in these Terms and Conditions to gungen auf die Emittentin als eine solche auf the Issuer shall be a reference to the New Issuer. die Neue Emittentin.

(3) Bekanntmachung und Wirksamwerden der Er- (3) Notice and effectiveness of substitution. Notice setzung. Die Ersetzung der Emittentin ist ge- of any substitution of the Issuer shall be given mäß § 10 bekanntzumachen. Mit der Bekannt- by notice in accordance with § 10. Upon such machung der Ersetzung wird die Ersetzung publication, the substitution shall become ef- wirksam und die Emittentin und im Fall einer fective, and the Issuer and in the event of a re- wiederholten Anwendung dieses § 9 jede peated application of this § 9 any previous New frühere Neue Emittentin von ihren sämtlichen Issuer shall be discharged from any and all ob- Verpflichtungen aus den Schuldverschreibun- ligations under the Notes. In the case of such gen frei. Im Fall einer solchen Schuldnererset- substitution, the stock exchange(s), if any, on zung wird (werden) die Wertpapierbörse(n) in- which the Notes are then listed at the initiative formiert, an der (denen) die Schuldverschrei- of the Issuer will be notified. bungen dann auf Veranlassung der Emittentin notiert sind.

§ 10 Bekanntmachungen § 10 Notices

(1) Veröffentlichungen. Alle Bekanntmachungen, (1) Publications. All notices regarding the Notes die die Schuldverschreibungen betreffen, will be published (so long as the Notes are

- 49 -

werden (solange die Schuldverschreibungen im listed on the official market (Amtlicher Handel) Amtlichen Handel der Wiener Börse notiert of the Vienna Stock Exchange (Wiener Börse) sind und am geregelten Markt der Wiener and are admitted to trading on the Vienna Stock Börse zugelassen sind) auf der Internet-Seite Exchange's regulated market) on the website of der Wiener Börse (derzeit unter www.wiener- the Vienna Stock Exchange (currently on borse.at) veröffentlicht. Jede Mitteilung gilt am www.wienerborse.at). Any notice will become Tag der ersten Veröffentlichung als wirksam effective for all purposes on the date of the first erfolgt. such publication.

(2) Mitteilungen an das Clearingsystem. Solange (2) Notification to Clearing System. So long as any die Schuldverschreibungen an der Wiener Notes are listed on the Vienna Stock Exchange, Börse notiert sind, findet § 10(1) Anwendung. § 10(1) shall apply. If the Rules of the Vienna Soweit die Regeln der Wiener Börse dies zulas- Stock Exchange so permit, the Issuer may de- sen, kann die Emittentin eine Veröffentlichung liver the relevant notice to the Clearing System nach § 10(1) durch eine Mitteilung an das Clea- for communication by the Clearing System to ringsystem zur Weiterleitung an die Anleihe- the Noteholders, in lieu of publication as set gläubiger ersetzen; jede derartige Mitteilung forth in § 10(1) above; any such notice shall be gilt am fünften Tag nach dem Tag der Mittei- deemed to have become effective on the fifth lung an das Clearingsystem als den Anlei- day after the day on which the said notice was hegläubigern gegenüber wirksam. given to the Clearing System.

(3) Zugang der Bekanntmachungen: Eine Mittei- (3) Receipt of the notification: A notice effected in lung gemäß § 10(1) und § 10(2) gilt mit dem accordance with § 10(1) and § 10(2) above will Tag als wirksam erfolgt, an dem sie erstmalig be deemed to be effected on the day on which wirksam übermittelt wurde oder als wirksam the first such communication is, or is deemed to übermittelt gilt. be, effective.

(4) Mitteilungen des Anleihegläubigers. Mitteilun- (4) Notices by a Noteholder. Notices to be given by gen von Anleihegläubigern müssen in Text- any Noteholder shall be made in text form to- form gemacht werden und zusammen mit dem gether with an evidence of the Noteholder's en- Nachweis seiner Inhaberschaft gemäß § 12(3) titlement in accordance with § 12(3) to the Fis- an den Fiscal Agent geleitet werden. Eine sol- cal Agent. Such notice may be given through che Mitteilung kann über das Clearingsystem in the Clearing System in such manner as the Fis- der von dem Fiscal Agent und dem Clearing- cal Agent and the Clearing System may ap- system dafür vorgesehenen Weise erfolgen. prove for such purpose.

§ 11 Begebung weiterer Schuldverschrei- § 11 Further Issues bungen

Die Emittentin behält sich das Recht vor, ohne Zu- The Issuer reserves the right from time to time, to is- stimmung der Anleihegläubiger weitere Schuldver- sue, without the consent of the Noteholders, addi- schreibungen mit gleicher Ausstattung (gegebenen- tional notes with identical terms and conditions as the falls mit Ausnahme des Tages der Begebung, des Ver- Notes in all respects (or in all respects except for the zinsungsbeginns und/oder des Ausgabepreises) wie date of issue, the interest commencement date and/or die vorliegenden Schuldverschreibungen zu begeben, the issue price) so as to be consolidated and form a so dass sie mit diesen eine einheitliche Serie bilden. single series with such Notes. The term "Notes" shall, Der Begriff "Schuldverschreibungen" umfasst im in the event of such further issue, also comprise such Fall einer solchen weiteren Begebung auch solche zu- further notes. sätzlich begebenen Schuldverschreibungen.

§ 12 Anwendbares Recht, § 12 Applicable Law, Erfüllungsort und Gerichtsstand Place of Performance and Jurisdiction

(1) Geltendes Recht. Form und Inhalt der Schuld- (1) Applicable law. The form and content of the verschreibungen sowie alle sich daraus erge- Notes as well as all the rights and duties arising benden Rechte und Pflichten bestimmen sich therefrom are governed exclusively by the laws ausschließlich nach dem Recht der Bundesre- of the Federal Republic of Germany, except publik Deutschland, mit Ausnahme der Bestim- that the provisions in § 2 shall be governed by, mungen in § 2, die sich nach dem Recht der Re- and shall be construed exclusively in accord- publik Österreich bestimmen. ance with, Austrian law.

(2) Gerichtsstand. Vorbehaltlich eines zwingenden (2) Jurisdiction. Subject to any exclusive court of Gerichtsstandes für besondere Rechtsstreitig- venue for specific legal proceedings in connec- keiten im Zusammenhang mit dem Gesetz über tion with the German Act on Issues of Debt

- 50 -

Schuldverschreibungen aus Gesamtemissionen Securities (Gesetz über Schuldverschreibungen (Schuldverschreibungsgesetz – SchVG) (das aus Gesamtemissionen) (Schul- "SchVG"), ist nicht-ausschließlicher Gerichts- dverschreibungsgesetz – SchVG), (the stand für alle sich aus den in diesen Anleihebe- "SchVG"), non-exclusive court of venue for all dingungen geregelten Rechtsverhältnissen er- litigation arising from the legal relations estab- gebenden Rechtsstreitigkeiten mit der Emitten- lished in these Terms and Conditions is Frank- tin Frankfurt am Main. furt am Main.

Für Entscheidungen gemäß § 9 Absatz 2, § 13 The local court (Amtsgericht) of Frankfurt am Absatz 3 und § 18 Absatz 2 SchVG ist gemäß Main will have jurisdiction for all judgments § 9 Absatz 3 SchVG das Amtsgericht Frankfurt pursuant to § 9(2), § 13(3) and § 18(2) SchVG am Main zuständig. Für Entscheidungen über in accordance with § 9(3) SchVG. The regional die Anfechtung von Beschlüssen der Anleihe- court (Landgericht) Frankfurt am Main will gläubiger ist gemäß § 20 Absatz 3 SchVG das have exclusive jurisdiction for all judgments Landgericht Frankfurt am Main ausschließlich over contested resolutions by Noteholders in zuständig. accordance with § 20(3) SchVG.

(3) Gerichtliche Geltendmachung. Jeder Anleihe- (3) Enforcement. Any Noteholder may in any pro- gläubiger kann in Rechtsstreitigkeiten gegen ceedings against the Issuer protect and enforce die Emittentin im eigenen Namen seine Rechte in its own name its rights arising under its Notes aus den ihm zustehenden Schuldverschreibun- by submitting the following documents or any gen geltend machen unter Vorlage der folgen- other means of proof permitted in legal pro- den Dokumente oder auf jede andere Weise, die ceedings in the country of enforcement: (a) a im Lande der Geltendmachung prozessual zu- certificate issued by its depositary bank (i) stat- lässig ist: (a) einer Bescheinigung seiner De- ing the full name and address of the Noteholder, potbank, die (i) den vollen Namen und die volle (ii) specifying an aggregate principal amount of Anschrift des Anleihegläubigers bezeichnet, Notes credited on the date of such certificate to (ii) den Gesamtnennbetrag der Schuldver- such Noteholder's securities account main- schreibungen angibt, die am Ausstellungstag tained with such depositary bank and (iii) con- dieser Bescheinigung dem bei dieser Depot- firming that the depositary bank has given a bank bestehenden Depot dieses Anleihegläubi- written notice to the Clearing System as well as gers gutgeschrieben sind, und (iii) bestätigt, to the Fiscal Agent containing the information dass die Depotbank dem Clearingsystem und pursuant to (i) and (ii) and bearing acknowl- dem Fiscal Agent eine schriftliche Mitteilung edgements of the Clearing System and the rele- zugeleitet hat, die die Angaben gemäß (i) und vant Clearing System accountholder as well as (ii) enthält und Bestätigungsvermerke des Clea- (b) a copy of the Global Note certified by a duly ringsystems sowie des jeweiligen Clearingsys- authorised officer of the Clearing System or the tem-Kontoinhabers trägt, sowie (b) einer von Fiscal Agent as being a true copy. einem Vertretungsberechtigten des Clearing- systems oder des Fiscal Agent bestätigten Ab- lichtung der Globalurkunde.

(4) Zustellungsbevollmächtigte. Für etwaige (4) Agent for service of process. For litigation, if Rechtsstreitigkeiten, die zwischen den Anlei- any, between the Noteholders and the Issuer hegläubigern und der Emittentin vor Gerichten which is brought before courts in the Federal in der Bundesrepublik Deutschland geführt Republic of Germany, the Issuer has appointed werden, hat die Emittentin die UNIQA Öster- UNIQA Österreich Versicherungen AG, Im reich Versicherungen AG, Im Zollhafen 24, Zollhafen 24, 50678 Cologne, Federal Republic 50678 Köln, Bundesrepublik Deutschland, zur of Germany, as agent for service of process. Zustellungsbevollmächtigten bestellt.

§ 13 Änderung der Anleihebedingungen; § 13 Amendments to the Terms and Condi- Gemeinsamer Vertreter tions; Joint Representative

(1) Änderung der Anleihebedingungen. Die Emit- (1) Amendment of the Terms and Conditions. Sub- tentin kann, vorbehaltlich der Einhaltung der ject to complying with the regulatory require- aufsichtsrechtlichen Voraussetzungen für die ments for the qualification of the Notes as Tier Qualifikation der Schuldverschreibungen als 2 Capital of the Issuer and the Issuer's group Tier 2 Kapital der Emittentin und der Gruppe and the prior consent of the Competent Super- der Emittentin und der vorherigen Zustimmung visory Authority (if under the Applicable Su- der Zuständigen Aufsichtsbehörde (sofern pervisory Regulations such prior consent is re- diese im betreffenden Zeitpunkt aufgrund der quired at the time), the Issuer may amend the Anwendbaren Aufsichtsrechtlichen Vorschrif- Terms and Conditions with the consent of a ma- ten erforderlich ist), die Anleihebedingungen jority resolution of the Noteholders pursuant to

- 51 -

mit Zustimmung aufgrund Mehrheitsbeschlus- §§ 5 et seq. of the SchVG. There will be no ses der Anleihegläubiger nach Maßgabe der §§ amendment of the Terms and Conditions with- 5 ff. SchVG ändern. Eine Änderung der Anlei- out the Issuer's consent. hebedingungen ohne Zustimmung der Emitten- tin scheidet aus.

Die Anleihegläubiger können insbesondere ei- In particular, the Noteholders may consent to ner Änderung wesentlicher Inhalte der Anlei- amendments which materially change the sub- hebedingungen, einschließlich der in § 5 Ab- stance of the Terms and Conditions, including satz 3 SchVG vorgesehenen Maßnahmen mit such measures as provided for under § 5(3) of den in dem nachstehenden § 12(2) genannten the SchVG by resolutions passed by such ma- Mehrheiten zustimmen. Ein ordnungsgemäß jority of the votes of the Noteholders as stated gefasster Mehrheitsbeschluss ist für alle Anlei- under § 12(2) below. A duly passed majority hegläubiger verbindlich. resolution will be binding upon all Noteholders.

(2) Mehrheitserfordernisse. Vorbehaltlich des (2) Majority requirements. Except as provided by nachstehenden Satzes und der Erreichung der the following sentence and provided that the erforderlichen Beschlussfähigkeit, beschließen quorum requirements are being met, the Note- die Anleihegläubiger mit der einfachen Mehr- holders may pass resolutions by simple major- heit der an der Abstimmung teilnehmenden ity of the voting rights participating in the vote. Stimmrechte. Beschlüsse, durch welche der Resolutions which materially change the sub- wesentliche Inhalt der Anleihebedingungen, stance of the Terms and Conditions, in particu- insbesondere in den Fällen des § 5 Absatz 3 lar in the cases of § 5(3) numbers 1 through 9 Nummer 1 bis 9 SchVG, geändert wird, bedür- of the SchVG, may only be passed by a major- fen zu ihrer Wirksamkeit einer Mehrheit von ity of at least 75 per cent. of the voting rights mindestens 75 % der an der Abstimmung teil- participating in the vote (a "Qualified Major- nehmenden Stimmrechte (eine "Qualifizierte ity"). As long as any Notes are attributable to Mehrheit"). Solange die Schuldverschreibun- the Issuer or any of its affiliates (within the gen der Emittentin oder einem mit ihr verbun- meaning of § 271(2) of the German Commer- denen Unternehmen (§ 271 Absatz 2 HGB) zu- cial Code (Handelsgesetzbuch)) or are being stehen oder für Rechnung der Emittentin oder held for the account of the Issuer or any of its eines mit ihr verbundenen Unternehmens ge- affiliates, the voting right is suspended in rela- halten werden, ruht das Stimmrecht aus diesen tion to any such Notes. Schuldverschreibungen.

(3) Beschlüsse. Beschlüsse der Anleihegläubiger (3) Resolutions. Resolutions of the Noteholders werden entweder in einer Gläubigerversamm- will be made either in a Noteholders' meeting lung nach § 13(3)(a) oder im Wege der Abstim- in accordance with § 13(3)(a) or by means of a mung ohne Versammlung nach § 13(3)(b) ge- vote without a meeting (Abstimmung ohne Ver- troffen, die von der Emittentin oder einem ge- sammlung) in accordance with § 13(3)(b), in ei- meinsamen Vertreter einberufen wird. ther case convened by the Issuer or a joint representative, if any.

(a) Beschlüsse der Anleihegläubiger im (a) Resolutions of the Noteholders in a Note- Rahmen einer Gläubigerversammlung holders' meeting will be made in accord- werden nach §§ 9 ff. SchVG getroffen. ance with §§ 9 et seq. of the SchVG. The Die Einberufung der Gläubigerver- convening notice of a Noteholders' meet- sammlung regelt die weiteren Einzel- ing will provide the further details relat- heiten der Beschlussfassung und der ing to the resolutions and the voting pro- Abstimmung. Mit der Einberufung der cedure. The subject matter of the vote as Gläubigerversammlung werden in der well as the proposed resolutions will be Tagesordnung die Beschlussgegen- notified to Noteholders in the agenda of stände sowie die Vorschläge zur Be- the meeting. schlussfassung den Anleihegläubigern bekannt gegeben.

(b) Beschlüsse der Anleihegläubiger im (b) Resolutions of the Noteholders by means Wege der Abstimmung ohne Ver- of a voting not requiring a physical meet- sammlung werden nach § 18 SchVG ing (Abstimmung ohne Versammlung) getroffen. Die Aufforderung zur will be made in accordance § 18 of the Stimmabgabe durch den Abstim- SchVG. The request for voting as sub- mungsleiter regelt die weiteren Einzel- mitted by the chairman (Abstimmungslei- heiten der Beschlussfassung und der ter) will provide the further details relat- Abstimmung. Mit der Aufforderung ing to the resolutions and the voting

- 52 -

zur Stimmabgabe werden die Be- procedure. The subject matter of the vote schlussgegenstände sowie die Vor- as well as the proposed resolutions will schläge zur Beschlussfassung den An- be notified to Noteholders together with leihegläubigern bekannt gegeben. the request for voting.

(4) Zweite Gläubigerversammlung. Wird die Be- (4) Second noteholders' meeting. If it is ascertained schlussfähigkeit bei der Abstimmung ohne that no quorum exists for the vote without Versammlung nach § 13(3)(b) nicht festge- meeting pursuant to § 13(3)(b), the chairman stellt, kann der Abstimmungsleiter eine Gläubi- (Abstimmungsleiter) may convene a meeting, gerversammlung einberufen, welche als zweite which shall be deemed to be a second meeting Gläubigerversammlung im Sinne des § 13 Ab- within the meaning of § 13(3) sentence 3 of the satz 3 Satz 3 SchVG gilt. SchVG.

(5) Anmeldung. Die Stimmrechtsausübung ist von (5) Registration. The exercise of voting rights is einer vorherigen Anmeldung der Anleihegläu- subject to the registration of the Noteholders. biger abhängig. Die Anmeldung muss bis zum The registration must be received at the address dritten Tag vor der Gläubigerversammlung im stated in the request for voting no later than the Falle einer Gläubigerversammlung (wie in § third day prior to the meeting in the case of a 13(3)(a) oder § 13(4) beschrieben) bzw. vor Noteholders' meeting (as described in § dem Beginn des Abstimmungszeitraums im 13(3)(a) or § 13(4) or the beginning of the vot- Falle einer Abstimmung ohne Versammlung ing period in the case of voting not requiring a (wie in § 13(3)(b) beschrieben) unter der in der physical meeting (as described in § 13(3)(b)) as Aufforderung zur Stimmabgabe angegebenen the case may be. As part of the registration, Anschrift zugehen. Zusammen mit der Anmel- Noteholders must demonstrate their eligibility dung müssen Anleihegläubiger den Nachweis to participate in the vote by means of a special ihrer Berechtigung zur Teilnahme an der Ab- confirmation of their respective depositary stimmung durch eine besondere Bescheinigung bank hereof in text form and by submission of ihrer jeweiligen Depotbank in Textform und a blocking instruction by the depositary bank die Vorlage eines Sperrvermerks der Depot- stating that the relevant Notes are not transfer- bank erbringen, aus dem hervorgeht, dass die able from and including the day such registra- relevanten Schuldverschreibungen für den tion has been sent until and including the stated Zeitraum vom Tag der Absendung der Anmel- end of the meeting or day the voting period dung (einschließlich) bis zu dem angegebenen ends, as the case may be. Ende der Versammlung (einschließlich) bzw. dem Ende des Abstimmungszeitraums (ein- schließlich) nicht übertragen werden können.

(6) Gemeinsamer Vertreter. Die Anleihegläubiger (6) Joint representative. The Noteholders may by können durch Mehrheitsbeschluss die Bestel- majority resolution provide for the appointment lung und Abberufung eines gemeinsamen Ver- or dismissal of a joint representative, the duties treters, die Aufgaben und Befugnisse des ge- and responsibilities and the powers of such meinsamen Vertreters, die Übertragung von joint representative, the transfer of the rights of Rechten der Anleihegläubiger auf den gemein- the Noteholders to the joint representative and samen Vertreter und eine Beschränkung der a limitation of liability of the joint representa- Haftung des gemeinsamen Vertreters bestim- tive. Appointment of a joint representative may men. Die Bestellung eines gemeinsamen Ver- only be passed by a Qualified Majority if such treters bedarf einer Qualifizierten Mehrheit, joint representative is to be authorised to con- wenn er ermächtigt wird, wesentlichen Ände- sent to a material change in the substance of the rungen der Anleihebedingungen gemäß § 13(1) Terms and Conditions in accordance with § zuzustimmen. 13(1) hereof.

Der gemeinsame Vertreter hat die Aufgaben The joint representative shall have the duties und Befugnisse, welche ihm durch Gesetz oder and powers provided by law or granted by ma- von den Anleihegläubigern durch Mehrheitsbe- jority resolutions of the Noteholders. The joint schluss eingeräumt wurden. Er hat die Weisun- representative shall comply with the instruc- gen der Anleihegläubiger zu befolgen. Soweit tions of the Noteholders. To the extent that the er zur Geltendmachung von Rechten der Anlei- joint representative has been authorised to as- hegläubiger ermächtigt ist, sind die einzelnen sert certain rights of the Noteholders, the Note- Anleihegläubiger zur selbständigen Geltend- holders shall not be entitled to assert such rights machung dieser Rechte nicht befugt, es sei themselves, unless explicitly provided for in the denn der Mehrheitsbeschluss sieht dies aus- relevant majority resolution. The joint repre- drücklich vor. Über seine Tätigkeit hat der ge- sentative shall provide reports to the Notehold- meinsame Vertreter den Anleihegläubigern zu ers on its activities. The regulations of the berichten. Für die Abberufung und die SchVG apply with regard to the recall and the

- 53 -

sonstigen Rechte und Pflichten des gemeinsa- other rights and obligations of the joint repre- men Vertreters gelten die Vorschriften des sentative. SchVG.

Die Haftung des gemeinsamen Vertreters ist Unless the joint representative is liable for wil- auf das Zehnfache seiner jährlichen Vergütung ful misconduct (Vorsatz) or gross negligence beschränkt, es sei denn, dem gemeinsamen (grobe Fahrlässigkeit), the joint representa- Vertreter fällt Vorsatz oder grobe Fahrlässig- tive's liability shall be limited to ten times the keit zur Last. amount of its annual remuneration.

(7) Bekanntmachungen. Bekanntmachungen be- (7) Notices. Any notices concerning this § 13 will treffend diesen § 13 erfolgen gemäß den §§ 5ff. be made in accordance with §§ 5 et seq. of the SchVG sowie nach § 9 und § 10. SchVG and § 9 and § 10.

§ 14 Sprache § 14 Language

Diese Anleihebedingungen sind in deutscher Sprache These Terms and Conditions are written in the Ger- abgefasst. Eine Übersetzung in die englische Sprache man language and provided with an English language ist beigefügt. Der deutsche Text ist bindend und maß- translation. The German text shall be controlling and geblich. Die Übersetzung in die englische Sprache ist binding. The English language translation is provided unverbindlich. for convenience only.

- 54 -

III. USE OF PROCEEDS

The net proceeds from the issue and sale of the Notes will amount to approximately EUR 198,414,000 (the "Net Proceeds"). The Issuer intends to forward an amount equal to the Net Proceeds to UNIQA Österreich Versicher- ungen AG for UNIQA Österreich Versicherungen AG to finance and/or refinance over a certain period of time, in whole or in part, eligible green assets in accordance with the UNIQA green bond framework (the "UNIQA Green Bond Framework").

For the purpose of this Prospectus eligible green assets comprise infrastructure investments in renewable energy such as wind or solar parks, waste-to-energy including recycling plants, clean transportation and sustainable water and wastewater management projects in alignment with the Green Bond Principles 2018 issued by the International Capital Markets Association (ICMA) (the "Eligible Green Assets").

- 55 -

IV. DESCRIPTION OF THE ISSUER AND THE UNIQA GROUP

1. FORMATION, REGISTERED OFFICE AND DURATION

The Issuer is a stock corporation incorporated in Austria on 27 July 1922 under the name "Versicherungsanstalt der österreichischen Bundesländer, Versicherungsaktiengesellschaft" for an indefinite period. The Issuer operates under Austrian law and its legal name is "UNIQA Insurance Group AG". It conducts its business, amongst others, under the commercial name "UNIQA". The legal name of the Issuer changed with effect from 16 July 2013 from "UNIQA Versicherungen AG" to the current one. Its registered seat is Vienna, Austria, and its business address is Untere Donaustraße 21, 1029 Vienna, Austria, phone number +43 1 211 75 3773. The Issuer is registered in the Austrian Companies Register (Firmenbuch) in Vienna under registration number FN 92933t.

The website of the Issuer is www.uniqagroup.com. The information on the website does not form part of this Pro- spectus unless that information is incorporated herein by reference.

2. CORPORATE OBJECT OF THE ISSUER

According to Sec. 2 para 1 of the Issuer's Articles of Association, the Issuer's core business includes insurance and reinsurance as well as activities related thereto, to the extent that such operations have been licensed by the FMA. Moreover, pursuant to Sec. 2 para 2 of the Issuer's Articles of Association, the Issuer may hold interests in other companies, act as insurance broker, be active in the mortgage loan, personal loan and securities brokerage business, to the extent that such activities are in connection with the insurance business, be active in the brokerage of building savings contracts, provide services in automatic data processing and information technology services, establish and manage organizational facilities for companies in which the Issuer holds an interest or with which cooperation agreements have been entered into, engage in administrative services for companies in which the Issuer holds an interest, and may temporarily provide a workforce to companies in which the Issuer holds an interest and which provide services for the Issuer or its Subsidiaries.

3. FINANCIAL YEAR, AUDITORS AND ALTERNATIVE PERFORMANCE MEASURES

The Issuer's financial year corresponds to the calendar year and thus commences on 1 January and ends on 31 De- cember.

The German language consolidated financial statements of the Issuer for the years ended 31 December 2019 and 31 December 2018 which are incorporated herein by reference (see "Documents Incorporated by Reference") were audited by PwC Wirtschaftsprüfung GmbH, Donau-City-Straße 7, A-1220 Vienna. The German language audit opinions for the consolidated financial statements of the Issuer for the years ended 31 December 2019 and 31 De- cember 2018 do not contain any qualifications and were rendered on 20 March 2020 and 22 March 2019, respectively. The auditors and their responsible employees are members of the Austrian Chamber of Chartered Accountants, Schönbrunner Straße 222-228/1/6, A-1120 Vienna.

3.1. Certain key figures and financial ratios of the Group

The below presents certain key figures and financial ratios which the Issuer believes provide investors, securities analysts and other interested parties with additional information to assess the operating performance and financial standing of the Group's business activities. These figures and financial ratios constitute Alternative Performance Measures which are not defined under IFRS and should therefore not be considered as an alternative to the applicable IFRS financial measures which are incorporated into this Prospectus by reference (see "Documents Incorporated by reference"). Alternative Performance Measures have limitations and should not be considered in isolation, or as substitutes for financial information as reported under IFRS. Accordingly, investors should not place undue reliance on any Alternative Performance Measure presented herein (see also "Alternative Performance Measures").

- 56 -

(a) Key financials (EUR million)

As of December As of December As of March 31, As of March 31, 31, 2019 31, 2018 2020 2019 (audited) (audited) (unaudited) (unaudited)

Gross written pre- 5,372.6 5,309.0 1,578.3 1,530.0 miums*

Premiums earned 4,861.0 4,761.0 1,256.6 1,231.1 (retained)*

Earnings before 296.0 295.0 -13.9 42.3 taxes

Consolidated net 232.0 243.0 -13.2 32.2 profit**

Combined ratio 96.4% 96.8% 97.8% 96.3% (net)(P&C)

Return on Equity / 7.3% 7.9% -1.7% 4.2% annualized return on equity

* Including savings portion of premiums from unit-and index-linked life insurance ** Profit (loss) for the period attributable to shareholders of UNIQA Insurance Group AG

3.2. Gross written premium (GWP)

(a) Definition and use

Gross written premium ("GWP") represents total premiums written by an insurance company before deductions for reinsurance and ceding commissions, including additional and/or return premiums. "Written" does not imply collected, but refers to the gross policy premium to be collected as of the issue date of the policy, regardless of actual payment. Therefore, premiums written represent all premium revenues in the respective year. Premiums earned refers to that portion of an insurance policy's premium that applies to the expired portion of the policy. Policyholders usually pay their premiums in advance. However, insurance companies do not immediately account for these premiums in their earnings. Rather, they earn the premium at even rates throughout the term of the policy. Therefore, the portion of premium that applies to the expired portion of the policy becomes the earned premium.

(b) Detail of calculation/Reconciliation to IFRS line items

GWP:

As of December 31, As of December 31, As of March 31, As of March 31, 2019 2018 2020 2019 (audited) (audited) (unaudited) (unaudited) in EUR million in EUR million in EUR million in EUR million Premiums written (gross), including savings portions from unit-linked and index-linked life insurance 5,372.6 5,309.5 1,578.3 1,530.0

Savings portions -309.8 -320.5 -76.0 -63.6 from unit-linked and

- 57 -

index-linked life insurance

Gross written premiums (GWP) 5,062.8 4,989.0 1,502.3 1,466.4

Reconciliation of GWP to premiums net earned

Premiums written - reinsurer's share -175.3 -192.0 -56.9 -58.5

Change in premiums earned - gross -28.1 -38.9 -202.6 -194.5

Change in premiums earned - reinsurers' share 1,679.0 2,623.0 13.8 17.9

premiums earned (net) as of consolidated income statement 4,861.1 4,760.7 1,256.6 1,231.1

3.3. Solvency capital requirement – SCR-ratio (in per cent)

(a) Definition and use

The solvency ratio (capital adequacy ratio, "SCR") represents the size of an insurance company's economic capital that needs to be held under Solvency II relative to the liabilities (risks) it has assumed. Solvency II is a directive in European Union law stipulating economic capital requirements for primary insurers and reinsurers in order to have a 99.5% confidence they could survive the most extreme expected losses over the course of a year and thus reduce the risk of their insolvency. Solvency II is essentially a risk-based capital regime that requires insurers or reinsurers to hold a certain amount of economic capital (total eligible own funds) to absorb significant losses and give reasonable assurance to policy-holders and beneficiaries that payments will be made as they fall due. It is calculated to ensure that all quantifiable risks (such as market risk, credit risk, life underwriting risk) are reliably taken into account and covers both current operating activities and new business expected in the subsequent twelve months.

Taken in isolation, the SCR does however not enable any conclusions to be drawn regarding the absolute amounts of required and available economic capital. The capitalisation required for regulatory purposes diverges from the internal target capitalisation because the confidence level used internally for management purposes is significantly higher than the confidence level required by Solvency II.

As a result of the reduced dividend proposal of 18 cents (instead of 54 cents) per share announced on April 14, 2020 and resolved on 25 May 2020 (see "Description of the Issuer and the UNIQA Group - Solvency II and Own Funds"), UNIQA Group's SCR as of December 31, 2019 would have been as follows:

- 58 -

in EUR million As of March 31, As of March 31, (unaudited) 2020 2019 As of December As of December 31, 31, 2019 2018

Total eligible own funds 4,865.0 5,319.0 4,258.0 5,128.0

divided by Group SCR 2,203.0 2,142.0 2,089.0 2,189.0

SCR 220.8%* 248.3% 204.0%* 234.0% * Takes into account both reduction of 2019 dividend payment as well as cancellation of 2020 dividend payment

Based on the initially announced dividend proposal of 54 cents per share (see "Description of the Issuer and the UNIQA Group - Solvency II and Own Funds"), UNIQA Group's SCR as of December 31, 2019 would have been as follows:

SCR-ratio

in EUR million (un- As of December As of December 31, As of March 31, As of March 31, audited) 31, 2019 2018 2020 2019

Total eligible own funds 4,754.0 5,319.0 4,258.0 5,128.0

divided by Group SCR 2,203.0 2,142.0 2,089.0 2,189.0

SCR 215.8% 248.3% 204.0%* 234.0%

* Takes into account both reduction of 2019 dividend payment as well as cancellation of 2020 dividend payment.

3.4. Net cost ratio (NCR)

(a) Definition and use

The net cost ratio ("NCR") represents the ratio of operating expenses retained (net of reinsurance commissions received and share profit from reinsurance ceded) to consolidated net premiums earned (including savings portions of unit-linked and index-linked life insurance).

It is a measure of profitability. Combined with the loss ratio (see below at "Combined Ratio (COR)"), it is an indicator of an insurance company's overall profitability.

(b) Detail of calculation/Reconciliation to IFRS line items

Cost ratio (net)

As of December As of December 31, As of March 31, As of March 31, 31, 2019 2018 2020 2019 (audited) (audited) (unaudited) (unaudited) in EUR million in EUR million in EUR million in EUR million Operating expenses retained

+ Acquisition costs 925.2 865.5 243.9 231.8

- 59 -

+ Other operating expenses 499.7 462.7 139.7 120.4

- reinsurance commission and share of profit from reinsurance ceded -17.8 -13.6 -4.5 -5.5

Operating Expenses retained 1,407.1 1,314.6 379.0 346.6

divided by net premium earned including savings portions from unit-linked and index-linked life insurance 5,170.8 5,081.7 1,332.6 1,294.8

Cost Ratio (net after reinsurance) 27.2% 25.9% 28.4% 26.8% 3.5. Return on equity (RoE)

(a) Definition and use

Return on equity ("RoE") represents net income attributable to shareholders divided by the average shareholders' equity excluding non-controlling interests at the beginning and the end of the period. It is the ratio of profit/(loss) for the period after tax to the average equity, in each case after deducting non-controlling interests.

Therefore, RoE shows the relationship between the operating result of a company and its equity. It can be used to compare equity investments into insurance companies with equity investments into other companies/sectors.

(b) Detail of calculation/Reconciliation to IFRS line items

RoE

in EUR million, audited As of December 31, 2019

Profit/(loss) for the period after tax 236.5

- attributable to non-controlling interests -4.1

Profit/(loss) for the period after tax and non-controlling interests 232.4

equity as of December 31, 2018 adjusted by non-controlling interests 2,972.1

equity as of December 31, 2019 adjusted by non-controlling interests 3,401.0

Average equity 3,186.6

Return on Equity (RoE) as of December 31, 2019 7.3%

in EUR million, audited As of December 31, 2018

Profit/(loss) for the period after tax 235.1

- attributable to non-controlling interests 8.1

- 60 -

Profit/(loss) for the period after tax and non-controlling interests 243.3

equity as of December 31, 2017 adjusted by non-controlling interests 3,158.0

equity as of December 31, 2018 adjusted by non-controlling interests 2,972.1

Average equity 3,065.1

Return on Equity (RoE) as of December 31, 2018 7.9%

in EUR million, unaudited As of March 31, 2020

Profit/(loss) for the period after tax -11.1

- attributable to non-controlling interests 2.1

Profit/(loss) for the period after tax and non-controlling interests -13.2

equity as of January 1, 2020 adjusted by non-controlling interests 3,401.0

equity as of March 31, 2020 adjusted by non-controlling interests 2,993.1

Average equity 3,197.1

Return on Equity (RoE) as of March 31, 2020 1.7%

in EUR million, unaudited As of March 31, 2019

Profit/(loss) for the period after tax 33.3

- attributable to non-controlling interests -1.1

Profit/(loss) for the period after tax and non-controlling interests 32.2

equity as of January 1, 2019 adjusted by non-controlling interests 2,972.1

equity as of March 31, 2019 adjusted by non-controlling interests 3,172.5

Average equity 3,072.3

Return on Equity (RoE) as of March 31, 2019 4.2%

3.6. Combined Ratio (COR)

(a) Definition and use

The combined ratio (net after reinsurance, "COR") is a measure of an insurer's total expenses as a percentage of net premiums earned in the property and casualty insurance. It is the sum of the "loss ratio" and the "expense ratio" , in each case net after reinsurance commission and share of profit from reinsurance ceded, i.e. cost of claims, as a percentage of net earned premiums.

- 61 -

The "loss ratio" represents the ratio of total insurance benefits retained (claims and claims expenses incurred) to net premium earned, i.e. cost of claims as a percentage of net premium earned. It enables conclusions to be drawn regarding how successfully underwriting risks are written.

The "expense ratio" is the ratio of acquisition cost and other operating expenses to net premium earned, i.e. expenses as a percentage of net premium earned. It enables conclusions to be drawn regarding the efficiency of service performance. For the property and casualty insurance business, the combined ratio is a key operational management ratio. It is used to draw conclusions about the underwriting profitability of such business. A ratio below 100% means a positive underwriting result. The COR does however not capture profitability of the investment performance or other income/expenses. Even in the event of a combined ratio over 100%, the operating profit and/or the net income for the period / year can still be positive due to favourable investment income and/or positive other income/expenses. Similarly, in the event of a combined ratio below 100%, the operating profit and/or the net income for the period / year can still be negatively affected due to unfavourable investment income and/or negative other income/expenses.

(b) Detail of calculation/Reconciliation to IFRS line items

COR:

As of December As of December As of March 31, As of March 31, 31, 2019 31, 2018 2020 2019 (audited) (audited) (unaudited) (unaudited) in EUR million in EUR million in EUR million in EUR million Insurance benefits retained (Claims and claims expenses) 1,719.5 1,690.1 447.9 431.0

Operating Expenses retained

+ Acquisition costs* 604.4 576.2 158.3 150.2

+ Other operating expenses 269.6 247.0 71.4 65.1

- reinsurance commission and share of profit from reinsurance ceded -12.7 -12.1 -3.5 -4.7

Expenses 2,580.7 2,501.1 226.3 210.6

divided by net premium earned 2,678.4 2,584.1 689.0 666.1

Combined ratio (after reinsurance) 96.4% 96.8% 97.8% 96.3% * Acquisition costs consist of line items "payments" minus "changes in deferred acquisition costs".

4. BUSINESS DESCRIPTION

4.1. Overview

UNIQA Group considers itself one of the leading international insurance groups in Austria and across CEE (based on gross premiums, which amounted to EUR 5,372.6 mn in 2019 (EUR 5,309.5 mn in 2018, in each case including the savings portion of unit-linked and index-linked life insurance). The Group is active in all lines of the insurance business and offers a wide range of products in each of the property and casualty insurance, life insurance and health insurance product segments. The Issuer is the parent (holding) company of the Group, strategically and operationally managing its Subsidiaries within the Group’s insurance business primarily being conducted by the Issuer’s Subsid- iaries operating under a number of other commercial names, most notably "UNIQA Österreich Versicherungen AG" in Austria and "UNIQA International AG" outside of Austria. The Issuer's subsidiary UNIQA Re AG in Zurich,

- 62 -

Switzerland, is a reinsurer, which is only available to the UNIQA Group companies. It is responsible for, coordinates and shapes the internal and external reinsurance relationships and contributes to the optimization of risk capital use.

In addition, the Issuer carries out numerous service functions, such as providing re-insurance services, for Austrian and international insurance companies in order to take advantage of synergies and consistently implement the Group's long-term corporate strategy.

It is active in all lines of the insurance business and organizes its operations into five operating segments: UNIQA Austria, UNIQA International, Reinsurance, Group functions and Consolidation.

The following charts provide an overview of gross premiums written by segment in the financial year 2019 (including the savings portion of unit-linked and index-linked life insurance) as well as gross premiums written in the financial year 2019 split between the Austrian core market and the Group's international operations:

UNIQA Austria: EUR 3,800.8m (71%)

UNIQA International: UNIQA International EUR 1,561.2m (29.0%) UNIQA Austria

Health insurance: EUR 1,130.8m (21%) Property & Casualty insurance: EUR 2,846.8m (53%)

Life insurance: EUR 1,394.9m (26%)

Source: Unaudited internal information of the Issuer.

4.2. Key markets

The Group is active in Austria and across CEE, serving approximately 3.7 million customers in Austria and 6.7 million customers in CEE as of December 31, 2019; respectively 3.6 million customers in Austria and 6.5 million customers in CEE as of December 31, 2018; Source: Unaudited internal information of the Issuer.

In CEE, the Group has operations in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hun- gary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Slovakia and the Ukraine. The largest share of the Group's gross premiums written (including the savings portion of unit-linked and index-linked life insurance) is generated in Austria (2019: 71%), while the rest is generated in CEE (2019: 29%) (Source: unaudited internal information of the Issuer).

- 63 -

The macro-economic data in this sub-chapter "Key markets" is derived from EUROSTAT (Source: http://ec.europa.eu/eurostat/de/home). Where data in this sub-chapter "Key markets" has been derived from other sources, such sources are cited below. All data in this sub-chapter "Key markets" is unaudited.

(a) Austria

In Austria, the Group operates through the Issuer’s wholly-owned subsidiary UNIQA Österreich Versicherungen AG. The Group is the second largest insurance group in Austria with an overall market share of 21.2% in 2019 based on gross premiums written (Source: Annual Report 2019 of the Association of the Austrian Insurance Companies -- Verband der Versicherungsunternehmen Österreichs – "VVO" which can be retrieved from VVO's website https://www.vvo.at/vvo/vvo.nsf/sysPages/x8E6423C79111738EC1258562004692C6, the "VVO Report 2019"). With a 44.9% market share in the health insurance business, the Group was market leader in Austria whereas in the property & casualty insurance business and in the life insurance business, the Group held a market share of 17.5%, respectively a market share of 17.9%, making it the second largest provider on the Austrian market in 2019, in each case based on gross premiums written (Source: VVO Report 2019). The Austrian insurance market is mature and saturated (Source: VVO Report 2019). Market operators in the Austrian insurance market are listed companies, mutuals and foreign insurers operating in Austria via a subsidiary, branch or servicing the Austrian market cross- border under the EU freedom to provide services. The industry is highly concentrated, stable and over the past years, no new players entered the market. The top five insurance groups (Vienna Insurance Group, UNIQA Group, Generali Group, Allianz Group and Grazer Wechselseitige) hold an aggregate total market share of 70.72% in 2019 (2018: 70.87%; Source VVO Report 2018; 2017: 70.83%; Source: VVO Report 2017). Only a few market players are present on a larger scale and across all product lines.

Austria was the fifth wealthiest country in the European Union with a gross domestic product (the "GDP") per capita of EUR 44,900 in 2019 (Source: Eurostat). Austria's competitive and well diversified export sector contributes significantly to its GDP and Austria's level of public debt as per end of 2019 amounted to EUR 280.4 bn or 70.4% of Austria's GDP (Source: Statistic Austria). Austria had an insurance penetration of approximately 4.46% of GDP in 2019, and an insurance density of EUR 2,002 premiums per capita (Source: VVO Report 2019).

(b) Central and Eastern Europe

The Issuer’s wholly-owned Subsidiary UNIQA International AG manages the international activities of the Group. It is also responsible for the ongoing monitoring and analysis of the international target markets and for acquisitions and post-merger integration. In CEE, the Group competes with international players who are active throughout CEE such as Vienna Insurance Group, Generali, Allianz and Talanx, and with regional/local well-established competitors, such as PZU Group in Poland, Croatia Osiguranje in Croatia and Dunav Osiguranje in Serbia. In general, the more developed economies, represented for example by high insurance penetration (premiums as a proportion of GDP) and high insurance density (premiums per capita), have a higher proportion of life insurance business than less developed economies. The less developed economies have a greater bias towards the motor insurance business, as the life insurance markets in these economies are less developed.

With a population of over 300 mn people and an overall GDP of approximately EUR 3,100 bn in 2019, CEE is a large and diverse region that experienced an average annual real economic growth rate of approximately 6.1% since 2005 until 2019 and plays an important role for Austrian insurance companies and in particular for UNIQA Group. In the 15 countries in CEE (including Russia) in which UNIQA Group operates, the insurance penetration was approximately 2.0% of GDP in 2018, and the insurance density was EUR 179 premiums per capita. (Source: unaudited internal information of the Issuer based on data provided by the International Monetary Fund and national supervisory authorities across CEE.)

4.3. Products and Services

The Group offers a wide range of products in each of the property and casualty insurance, life insurance and health insurance product segments. It conducts its insurance business in Austria through UNIQA Österreich Versicher- ungen AG and outside of Austria through a number of local insurance Subsidiaries of UNIQA International AG. The product range and the specific composition of individual products offered by the Group differ in the various markets in which the Group operates as a result of varying market conditions with respect to calculation of premiums, dif- ferences in scope of coverage, country specific customer needs and preferences as well as regulatory and tax con- siderations.

(a) Property and casualty insurance

The Group is active in many lines of property and casualty insurance, its largest product segment by gross premiums written. Its product portfolio in the property and casualty product segment is divided into (i) motor vehicle insurance

- 64 -

and (ii) other property and casualty insurance, including in particular property, casualty and other third-party liability insurance.

The majority of the property and casualty insurance products offered are standard products and insurance packages for retail customers and small and medium sized enterprises, including in particular motor insurance, homeowners and household insurance, casualty insurance, legal expense insurance and travel insurance. The Group also offers comprehensive insurance protection for commercial and corporate customers, including, in particular, property and business (interruption) insurance and agricultural insurance.

In 2019, the Group's property and casualty product segment recorded gross premiums written of EUR 2,846.8 mn (2018: EUR 2,774.4 mn) and a net-combined ratio (after reinsurance) of 96.4% (2018: 96.8%). The product segment's profit on ordinary activities before tax amounted to EUR 116.0 mn in 2019 (2018: EUR 120.3 mn).

In Q1/2020, the Group's property and casualty product segment recorded gross premiums written of EUR 913.3 mn (Q1/2019: EUR 880.8 mn), mainly driven by accident and motor insurance in Austria and non-motor insurance in CEE, and a net-combined ratio (after reinsurance) of 97.8% (Q1/2019: 96.3%). The product segment's profit on ordinary activities before tax amounted to EUR -1.0 mn in Q1/2020 (Q1/2019: EUR 34 mn), which was mainly driven by negative investment result.

As a result of COVID-19, the Group expects decreased demand in property & casualty insurance for the full year 2020 (see "Description of the Issuer and the UNIQA Group – Recent events, trends and outlook").

(b) Life insurance

In its life insurance product segment, which is the Group's second largest product segment by gross premiums written, the Group offers a variety of conventional risk and protection life insurance products as well as capital investment- oriented products (including unit- and index-linked life insurance), serving both security and investment purposes. The range of products offered by the Group varies in the individual markets in which it operates and includes single premium and recurring premium policies. Traditional life products make up a greater share of premiums in Austria and CEE.

In 2019, the Group's life insurance product segment recorded gross premiums written, including the savings portion of unit-linked and index-linked life insurance, of EUR 1,394.9 mn (2018: EUR 1,448.6 mn). The product segment's profit on ordinary activities before tax amounted to EUR 84.8 mn in 2019 (2018: EUR 78.2 mn).

In Q1/2020, the Group's life insurance product segment recorded gross premiums written, including the savings portion of unit-linked and index-linked life insurance, of EUR 361.4 mn (Q1/2019: EUR 360.4 mn). The product segment's profit on ordinary activities before tax amounted to EUR 17.0 mn in Q1/2020 (Q1/2019: EUR 6 mn), reflecting higher investment income.

As a result of COVID-19, the Group expects muted demand in life insurance for the full year 2020 (see "Description of the Issuer and the UNIQA Group – Recent events, trends and outlook").

In its health insurance product segment, which constitutes the third largest product segment by gross premiums written, the Group sells a variety of private health insurance products supplementing statutory health insurance. The most important products are special care (health) insurance, daily allowance insurance, insurance for ambulatory patients' medical expenses and travel medical insurance. More recently, nursing care insurance has gained in importance.

By region, the Group sells health insurance policies primarily in Austria and currently only on a small scale in other markets.

In 2019, the Group's health insurance product segment recorded gross premiums written of EUR 1,130.8 mn (2018: EUR 1,086.4 mn). The product segment's profit on ordinary activities before tax amounted to EUR 94.9 mn in 2019 (2018: EUR 96.2 mn).

In Q1/2020, the Group's health insurance product segment recorded gross premiums written of EUR 303.6 mn (Q1/2019: EUR 288.8 mn). The product segment's profit on ordinary activities before tax amounted to EUR -29.0 mn in Q1/2020 (Q1/2019: EUR 2 mn), which was mainly driven by decreased underwriting and negative investment results, as well as increased costs.

- 65 -

Health insurance demand is expected to remain relatively stable despite the strain of COVID-19 on the Group's business, meaning that the absence of new business is expected to have a negligible effect on overall gross premiums written only (see "Description of the Issuer and the UNIQA Group – Recent events, trends and outlook")

4.4. Distribution channels

The Group offers its products and services through all customary sales and distribution channels, including a salaried sales force, agencies, brokers, banks and online direct sales, the latter becoming increasingly important. It benefits from the bancassurance cooperation and distribution partnership with the Raiffeisen banking group in Austria and Raiffeisen Bank International AG across CEE, servicing retail, SME and corporate customers.

All figures in this sub-chapter "Distribution channels" are derived from internal records of the Issuer and are unaudited.

(a) Distribution in Austria

In Austria, the Group operates through the Issuer’s wholly owned subsidiary UNIQA Österreich Versicherungen AG. As of 31 December 2019, the Group's own sales force consisted of 1,651 employees in Austria and accounted for EUR 1,056.7 mn or 27.8% of total gross premiums written by the Group in Austria. In addition, the Group in Austria cooperated with 859 exclusive insurance agents, defined as agents who cooperate exclusively with a single insurance company, and with a total of about 4,589 brokers, defined as a natural or legal person with a special license to conduct insurance brokerage business and registered in the insurance brokers' register. In 2019, exclusive agencies accounted for EUR 799.2 mn or 21.0% of total gross premiums written by the Group in Austria, whereas brokers accounted for EUR 972.8 mn or 25.6% of total gross premiums written by the Group in Austria for that period. In addition, in 2019, other distribution channels amounted to EUR 238.8 mn or 6.3% of the total gross premiums written by the Group in Austria. In 2019, gross premiums written through the bancassurance sales channel amounted to EUR 733.2 mn or 19.3% of the Group's sales in Austria.

(b) International distribution

Outside of Austria, the Group operates through the Issuer’s wholly owned Subsidiary UNIQA International AG, which in turn operates in 15 European countries via its own Subsidiaries. UNIQA International AG employs a multi- channel distribution strategy by offering services to clients via its own exclusive sales network, brokers and multi- level marketing, banks, car dealers and online sales. The sales channel mix in specific countries depends mainly on the market situation, strategy and the respective legal and regulatory environment. In Q4 2019, the broker sales channel accounted for EUR 634 mn or 40.8% in the CEE region and the exclusive sales channel accounted for EUR 525 mn or 33.8% in this region. As in Austria, the Group focuses in the CEE region on close cooperation with Raiffeisen Bank International AG for purposes of bancassurance distribution. Total gross premiums written through the bancassurance sales channel in 2019 outside of Austria (CEE and Western Europe) amounted to EUR 312 mn, or 20.0% of the Group's sales in Q4 2019 outside Austria (CEE and Western Europe).

5. MAJOR SUBSIDIARIES AND ORGANISATIONAL STRUCTURE

The Issuer is the parent company of the Group. Although the Issuer is not a pure holding company, aside from providing re-insurance services, its main activity is the strategic and operational management of its Subsidiaries. Therefore, the Issuer's ability to satisfy any debt obligations depends on receipt of sufficient funds from its Subsidi- aries (see "Risk factors – If the Issuer’s Subsidiaries are unable to make distributions and other payments to the Issuer, the Issuer may be unable to pay amounts due on the Notes"). The extent of such cash flows to the Issuer will depend on the business, financial condition and results of operations of its Subsidiaries. In addition, remittances of funds may be restricted by applicable law and by the terms of any indebtedness that may be incurred by Subsidiaries. As unsecured subordinated creditors of the Issuer, the Noteholders' claims are also structurally subordinated to creditors of the Issuer's Subsidiaries who enjoy privileged access to assets of such Subsidiaries, because in case of a Subsidiary's insolvency, the Issuer will only receive liquidation proceeds following satisfaction of all secured and unsecured creditors of the relevant Subsidiary (see "Risk factors – If the Issuer’s Subsidiaries are unable to make distributions and other payments to the Issuer, the Issuer may be unable to pay amounts due on the Notes").

The IFRS Audited Consolidated Financial Statements of the Issuer 2019 (see "Documents incorporated by reference") contain a list of the Issuer's fully consolidated subsidiaries and shareholdings consolidated at equity, including the Issuer's holding in STRABAG SE. At 31 December 2019, the Issuer held 14.3 per cent. of STRABAG SE's share capital, in which Oleg Vladimirovich Deripaska holds 25.9 perc cent. through MKAO "Rasperia Trading Limited". The following table provides an overview of the Issuer's major operating Subsidiaries as of the date of this Prospectus. A complete list of all Subsidiaries and associates (including the Issuer's shareholding in STRABAG SE) is included

- 66 -

in the notes to the IFRS Audited Consolidated Financial Statements of the Issuer 2019, which are incorporated in this Prospectus by reference and thus deemed to be part of it.

Equity interest Company Type of consolidation Location at 31/12/2019 In per cent

Domestic insurance companies

UNIQA Insurance Group AG Vienna (Group Holding Company)

UNIQA Österreich Versicherungen AG Fully consolidated Vienna 100.0

SK Versicherung Aktiengesellschaft* Equity method Vienna 25.0

Foreign insurance companies

Raiffeisen Life Insurance Company LLC Fully consolidated Russia, Moscow 75.0

SIGAL LIFE UNIQA Group AUSTRIA sh.a Fully consolidated Kosovo, Pristina 86.9

SIGAL LIFE UNIQA Group AUSTRIA sh.a. Fully consolidated Albania, Tirana 86.9

SIGAL UNIQA Group AUSTRIA sh.a. Fully consolidated Albania, Tirana 86.9

SIGAL UNIQA Group AUSTRIA sh.a. Fully consolidated Kosovo, Pristina 86.9

North Macedonia, UNIQA AD Skopje Fully consolidated 86.9 Skopje

Romania, UNIQA Asigurari de Viata S.A. Fully consolidated 100.0 Bucharest

Romania, UNIQA Asigurari S.A. Fully consolidated 100.0 Bucharest

Hungary, UNIQA Biztosító Zrt. Fully consolidated 100.0 Budapest

UNIQA Insurance Company, Private Joint Fully consolidated Ukraine, Kiev 100.0 Stock Company

UNIQA Insurance plc Fully consolidated Bulgaria, Sofia 99.9

North Macedonia, UNIQA Life AD Skopje Fully consolidated 86.9 Skopje

UNIQA Life Insurance plc Fully consolidated Bulgaria, Sofia 99.8

UNIQA LIFE Private Joint Stock Company Fully consolidated Ukraine, Kiev 100.0

UNIQA neživotno osiguranje a.d. Fully consolidated Serbia, Belgrade 100.0

- 67 -

Montenegro, Po- UNIQA neživotno osiguranje a.d. Fully consolidated 100.0 dgorica

UNIQA osiguranje d.d. Fully consolidated Croatia, Zagreb 100.0

Bosnia and UNIQA osiguranje d.d. Fully consolidated Herzegovina, Sa- 100.0 rajevo

Slovakia, UNIQA poisťovňa a.s. Fully consolidated 99.9 Bratislava

Czech Republic, UNIQA pojišťovna, a.s. Fully consolidated 100.0 Prague

Switzerland, Zu- UNIQA Re AG Fully consolidated 100.0 rich

UNIQA Towarzystwo Ubezpieczeń na Życie Fully consolidated Poland, Lodz 99.8 S.A.

UNIQA Towarzystwo Ubezpieczeń S.A. Fully consolidated Poland, Lodz 98.6

Liechtenstein, UNIQA Versicherung AG Fully consolidated 100.0 Vaduz

UNIQA životno osiguranje a.d. Fully consolidated Serbia, Belgrade 100.0

Montenegro, Po- UNIQA životno osiguranje a.d. Fully consolidated 100.0 dgorica

* sales process is ongoing. Sale and purchase agreement will be effective as of 1.1.2020 but is subject to pending regulatory approval.

Source: Unaudited internal information of the Issuer.

6. MANAGEMENT AND ADMINISTRATIVE BODIES OF THE ISSUER

6.1. Members of the Management Board

Currently, the management board consists of nine members. As of the date of this Prospectus, the members and their respective responsibilities are:

Name Position Responsibilities Principal Outside Activity

Andreas Brandstet- Member of the CEO Member of the supervisory ter management board of STRABAG SE. board, Chief Ex- Strategy & Transfor- ecutive Officer mation, UNIQA Ventures, New Business Areas (health), Group General Secretary, Internal Audit, Art Insurance

Erik Leyers Member of the Department "Data & IT" Member of the supervisory management board of Raiffeisen Informatik board Data-Management, UITS, Geschäftsführungs GmbH. UIP project

- 68 -

Kurt Svoboda Member of the Department "Finance & Member of the supervisory management Risk" board of: board Finance & Accounting, - CEESEG Aktiengesellschaft; Controlling, Group Risk and Management, Actuarial Services, Group Reinsur- - Wiener Börse AG. ance, Legal & Compli- ance, Regulatory Affairs, Investor Relations, Inter- nal Audit

Peter Eichler Member of the Department "Personal In- None. management surance" board Product Development “Health, Life and Acci- dent”, Service Health Sta- tionary, Asset Manage- ment (UCM/UREM)

Wolf-Christoph Member of the Department "Operations" Limited partner in Schönaugür- Gerlach management tel 2 Beteiligung GmbH & Co board Application, Contract & KG. Customer Service, Dam- age Motor Vehicle/Prop- erty/Accident Insurance, Service Life, Service Health Outpatient, Busi- ness Organization (incl. OPEX & GPO), Procure- ment & Administration, Group Service Center (Ni- tra)

Peter Humer Member of the Department "Customer & Member of the supervisory management Market Austria" board of Salzburg Wohnbau board GmbH. Retail Product Development & Pricing for Motor Vehicle and Property Standard Business, Sales Service, Sales Management, Re- gional Offices Corporate Product Development & Risk Engineering for Property and Corporate, Large International Bro- kers, Affinity Business Digitization

Wolfgang Kindl Member of the Department "Customer & None. management Markets International" board Retail Product Development & Pricing for Automotive and Standard Property Business, Sales Service, Sales Management Corporate

- 69 -

Product Development & Risk Engineering for Property-Corporate, Large International Brokers, Af- finity Business Bank International Product Service, Sales Service, Sales Manage- ment New Insurance Solutions Mergers & Acquisitions Performance & Change Management General Secretariat Inter- national

René Knapp Member of the Department "HR & None. management Brand" board Strategic Personnel Man- agement, Operating Per- sonnel Management, Brand & Communication, Ethics & Sustainability, Works Council

Klaus Pekarek Member of the Department "Customer & Member of the supervisory management Market Bank Austria" board of Valida Holding AG. board Product Service, Sales Service, Sales Manage- ment

The business address of the members of the Issuer's management board is Untere Donaustraße 21, 1029 Vienna, Austria.

6.2. Conflicts of Interest of members of the Management Board

The Issuer has not been notified and has not otherwise been informed by any of the members of the Management Board named above about any potential conflicts of interest between the obligations of the persons towards the Issuer and their own interests and other obligations.

6.3. Members of the Supervisory Board

As of the date of this Prospectus, the members of the Issuer's supervisory board and their respective responsibilities are:

Name Position Principal Outside Activity

Members elected by the Shareholders' Meeting

Walter Rothensteiner Chairman Chairman of the supervisory board of: - Casinos Austria Aktiengesellschaft; - Kathrein Privatbank Aktiengesell- schaft; and - Österreichische Lotterien Gesellschaft m.b.H.

- 70 -

Name Position Principal Outside Activity Vice chairman of the supervisory board of LEIPNIK-LUNDENBURGER INVEST Beteiligungs Aktiengesellschaft. First vice chairman of the supervisory board of Oesterreichische Kontrollbank Aktiengesellschaft. Member of the general council of Oester- reichische Nationalbank AG. Member of the supervisory board of: - KURIER Redaktionsgesellschaft m.b.H.; - KURIER Zeitungsverlag und Drucke- rei Gesellschaft m.b.H.; - UNIQA Versicherungsverein Privat- stiftung; and - Wiener Staatsoper GmbH. Member of the management board of HK Privatstiftung.

Christian Kuhn 1st Vice Chairman Chairman of the supervisory board of UNIQA Versicherungsverein Privatstif- tung. Vice Chairman of the supervisory board of: - BIPA Parfumerien Gesellschaft m.b.H.; - Billa Aktiengesellschaft; - Merkur Warenhandels-Aktiengesell- schaft; - REWE International AG; - REWE International Dienstleistungsge- sellschaft m.b.H; and - REWE International Lager- und Trans- portgesellschaft m.b.H. Member of the supervisory board of: - Bankhaus Schelhammer & Schattera Aktiengesellschaft; - CS Caritas Socialis GmbH; - Herz Jesu Krankenhaus GmbH; - Krankenhaus Göttlicher Heiland GmbH; - Krankenhaus der Barmherzigen Schwestern Wien Betriebsgesellschaft m.b.H.; - Orthopädisches Spital Speising GmbH; and - St. Josef Krankenhaus GmbH. Managing director of KUHN Rechtsanwälte GmbH.

- 71 -

Name Position Principal Outside Activity

Johann Strobl 2nd Vice Chairman Chief executive officer of Raiffeisen Bank International AG. Member of the management board of Raif- feisen Kooperations eGen.

Burkhard Gantenbein 3rd Vice Chairman Member of the supervisory board of Bank Gutmann AG. Member of the managing board of: - EPSILON Privatstiftung; and - UNIQA Versicherungsverein Privat- stiftung. Managing director of: - ANGO INVEST GmbH; and - Austria Versicherungsverein Beteili- gungs-Verwaltungs GmbH.

Markus Andréewitch Member Chairman of the supervisory board of Col- legialität Versicherung Privatstiftung. Managing director of andreewitch & partner rechtsanwälte GmbH.

Marie-Valerie Brunner Member Chief Risk Officer and Chief Financial Of- ficer of Raiffeisen Centrobank AG. Chairman of the supervisory board of Syrena Immobilien Holding Aktiengesell- schaft.

Anna Maria D'Hulster Member Member of the supervisory board of: - CNA Europe; - Hardy Underwriting Group PLC; and - Athora Holding Limited.

Elgar Fleisch Member Member of the supervisory board of: - UNIQA Versicherungsverein Privatstiftung; - Robert Bosch GmbH; - Mobiliar Genossenschaft und Holding; and - UCTec Beteiligungsgesellschaft AG. Member of the board of directors of all- things.me in Basel.

Jutta Kath Member None.

Martin Grüll Member Chairman of the supervisory board of Raiffeisen Bank Aval JSC. Member of the supervisory board of AO Raiffeisenbank.

Members delegated by the Works Council

- 72 -

Name Position Principal Outside Activity

Sabine Andre Member None.

Heinrich Kames Member None.

Harald Kindermann Member None.

Irene Scheiber Member None.

Peter Gattinger Member None.

The business address of the members of the Issuer's supervisory board is Untere Donaustraße 21, 1029 Vienna, Austria.

6.4. Conflicts of Interest of the Supervisory Board

With the exception of Ms. D'Hulster and Ms. Kath and all members delegated by the works council, all supervisory board members of the Issuer hold positions on the boards of the Issuer's core shareholders or their affiliates or were nominated by them under the shareholders' agreement (see "Description of the Issuer and the UNIQA Group - share capital, major shareholders and dividends). Otherwise, the Issuer has not been notified and has not otherwise been informed by any of the members of the supervisory board about any potential conflicts of interest between their obligations towards the Issuer and their own interests and other obligations.

6.5. Committees of the Supervisory Board of the Issuer

The following committees have been established by the Supervisory Board of the Issuer:

(a) Audit Committee

The Audit Committee is responsible for examining and preparing the approval of the annual financial statements and management report, the consolidated financial statements and group management report, the recommendation for the distribution of profit and the Corporate Governance Report. The Audit Committee currently consists of Walter Rothensteiner (Chairman), Christian Kuhn (Vice Chairman), Johann Strobl, Burkhard Gantenbein, Anna Maria D'Hulster, Jutta Kath, Peter Gattinger, Heinrich Kames and Sabine Andre.

(b) Committee for Board Affairs

The Committee for Board Affairs handles the relationships between the Issuer and the members of its Management Board with respect to employment and salary issues. Its current members are Walter Rothensteiner (Chairman), Christian Kuhn (Vice Chairman), Johann Strobl and Burkhard Gantenbein.

The Working Committee of the Supervisory Board is only called upon to make decisions if the urgency of the matter cannot wait until the next meeting of the Supervisory Board. It is the Chairman's responsibility to assess the urgency of the matter. The Working Committee can ban and/or make decisions on any issue that is the responsibility of the Supervisory Board, but this does not include issues of particular importance or matters that must be decided upon by the full Supervisory Board by law. The Working Committee's current members are Walter Rothensteiner (Chair- man), Christian Kuhn (Vice Chairman), Johann Strobl, Burkhard Gantenbein, Elgar Fleisch, Martin Grüll, Sabine Andre, Heinrich Kames and Peter Gattinger.

(d) Investment Committee

The Investment Committee advises the Management Board with respect to its investment policy; it has however no decision-making authority. Its current members are Martin Grüll (Chairman), Christian Kuhn (Vice Chairman), Burkhard Gantenbein, Marie-Valerie Brunner, Anna Maria D'Hulster, Jutta Kath, Peter Gattinger, Heinrich Kames and Sabine Andre.

(e) IT Committee

- 73 -

The IT Committee deals with the ongoing monitoring of the progress of the project implementing the UNIQA In- surance Platform (new core system). Its current members are Markus Andreewitch (Chairman), Jutta Kath (Vice Chairman), Marie-Valerie Brunner, Elgar Fleisch, Heinrich Kames and Peter Gattinger.

(f) Digital Transformation Committee

The Digital Transformation Committee deals with developing new digital related business models. Its current members are Elgar Fleisch (Chairman), Burkhard Gantenbein (Vice Chairman), Markus Andreewitch, Marie-Valerie Brunner, Anna Maria D'Hulster, Walter Rothensteiner, Sabine Andre, Peter Gattinger and Heinrich Kames.

6.6. Corporate Governance Code

UNIQA Group has been committed to comply with the Austrian Corporate Governance Code (the "Code") since 2004 and publishes the compliance declaration of conformity both in the IFRS Audited Consolidated Financial Statements of the Issuer which is incorporated in this Prospectus by reference and thus deemed to be part of it, and on UNIQA Group's website under http://www.uniqagroup.com/gruppe/versicherung/investor-relations/anleihen.html.

In accordance with the code, the "L rules" (legal requirements) are all fully adhered to. However, the Issuer deviates from certain provisions of the Code with regard to the following "C rules" (comply or explain) and explains as follows: The Issuer will not apply rule 49. Due to the growth of Issuer's shareholder structure and the special nature of the insurance business with regard to the investment of assets, there are a number of contracts with companies related to individual members of the Supervisory Board in which these Supervisory Board members discharge duties as members of governing bodies. If such contracts require approval by the Supervisory Board in accordance to Sec. 95 para 5 no 12 of the Stock Corporation Act (rule 48 of the Code), the details of these contracts cannot be made public for reasons of company policy and competition laws. In any case, all transactions are entered into and pro- cessed on an arm's length basis.

7. SHARE CAPITAL MAJOR SHAREHOLDERS AND DIVIDENDS

As of the date of this Prospectus, the issued and fully paid in share capital of the Issuer amounts to EUR 309,000,000 divided into 309,000,000 ordinary no-par-value bearer shares. The calculated notional value of each share amounts to EUR 1. Each share confers one vote at the shareholders' meeting of the Issuer. The Issuer's shares trade on the prime market segment of the Vienna Stock Exchange (ISIN: AT0000821103).

By resolution of the Shareholders' Meeting dated 25 May 2020, the management board has been authorized, subject to approval by the supervisory board to purchase own shares of up to a maximum of 10% of the share capital (including other own shares already purchased and still held by the Company), with the option of making repeated use of 10% limit on the stock exchange and over the counter, and of excluding the shareholders right to tender propor- tional payment. The authorization can be exercised from 30 November 2020 up to and including 30 May 2023, i.e. for 30 months, for the purchase of own shares at a minimum price of EUR 1.00 and a maximum price of EUR 15.00 per share. As of the date of this Prospectus, the Issuer holds 819,650 treasury shares which represent 0.27% of the share capital.

7.1. Dividends

Pursuant to the Austrian Commercial Code and the Austrian Stock Corporation Act, the Issuer may only pay dividends out of distributable profits. Distributable profits are based on accumulated profits, as shown in the unconsolidated financial statements of the Issuer in accordance with the Austrian Commercial Code, after allocations have been made to reserves, including retained earnings.

On the basis of the management board's proposal and the supervisory board's report, the shareholders' meeting resolves whether dividends will be paid for any financial year and the amount and timing of any such dividend payment.

The Issuer has distributed the following dividends for the last three financial years:

- 74 -

Financial year ending 31 December

2019 2018 2017

Dividend per share (in EUR) ...... 0.18* 0.53 0.51

Total amount of dividends (in EUR mn) ...... 55.5 162.7 156.6

* Reflects the reduced dividend proposal of 18 cents (instead of 54 cents) per share announced on April 14, 2020 and resolved on 25 May 2020.

Source: Unaudited internal information of the Issuer

Due to the worldwide COVID-19 crisis and the recommendations by the supervisory authorities, the Issuer has decided to pay only one third of the originally planned dividend (EUR 0.54).

As of the date of this Prospectus, the major shareholders of the Issuer are:

- UNIQA Versicherungsverein Privatstiftung (Group) which holds 49% of the shares in the Issuer (41.3% of these shares belong to Austria Versicherungsverein Beteiligungs-Verwaltungs GmbH, while UNIQA Versi- cherungsverein Privatstiftung holds 7.7%), and

- Raiffeisen Bank International AG which holds 10.9% of the shares in the Issuer through RZB Versicher- ungsbeteiligung GmbH,

- Collegialität Versicherungsverein Privatstiftung holds 2.9% of the shares of the Issuer (together with Raif- feisen Bank International AG and UNIQA Versicherungsverein Privatstiftung, the "Core Shareholders").

The remaining shares in the Issuer of approximately 36.5% are held in free float with both institutional and private investors. According to the information available to the Issuer, except for the Core Shareholders, no natural person or legal entity holds more than 5% of the Issuer's shares.

Furthermore, the Issuer holds 2,034,739 treasury shares, of which 1,215,089 shares are held by UNIQA Österreich Versicherungen AG, representing 0.66% of the share capital of the Issuer. The 1,215,089 shares held by UNIQA Österreich Versicherungen AG result from the merger of BL Syndikat Beteiligungs Gesellschaft m.b.H. as transferring company with the Issuer as receiving company (payout of the portfolio of UNIQA shares to the shareholders of BL Syndikat Beteiligungs Gesellschaft m.b.H.). These shares do not count towards the maximum number of treasury shares permitted by law.

The Core Shareholders entered into a shareholders' agreement under which they agreed on a pooling of votes in respect of all shares held by them directly or indirectly in the Issuer. The voting rights in shareholders' meetings of the Issuer shall be exercised in accordance with the resolutions of the shareholders' committee established among the Core Shareholders (which is identical with the members of the Presidency of the Supervisory Board nominated by the Core Shareholders and in which votes are cast pursuant to the principle of unanimity).

There are no particular measures to prevent abusive exercise of control on the Issuer. According to the Austrian Stock Corporation Act, the members of the managing board of the Issuer must act in their own responsibility in the best interest of the Issuer, taking into account its shareholders, employees and the public interest. In particular, the members of the managing board are not obliged to follow instructions of shareholders or members of the supervisory board; if such instructions would be detrimental to the Issuer or would be contrary to its best interest, the members of the managing board would need to reject such instructions. The Issuer's management board therefore believes that the Issuer's corporate governance structure, together with the provisions of Austrian corporate law, provides sufficient safeguards against the abuse of controlling interests by shareholders.

8. INVESTMENT STRATEGY AND PRINCIPAL INVESTMENTS

The Group's investment strategy is an essential part of its value-based-management approach. Based on the requirements of the underlying business model and a liability-driven investment concept, assets are invested according to the defined risk preference set by the Issuer's management board, quantified by allocated risk budgets. Subject to applicable regulatory and cash flow requirements, the Group aims to invest into broadly diversified portfolios to achieve adequate investment returns, balancing risk and reward, in order to generate income to cover guaranteed

- 75 -

insurance benefits as well as additional value for policyholders and shareholders. In pursuing these objectives, the Group has invested, and is committed to further investments, in various financial asset classes. The Group's investment activities are centrally managed by UNIQA Capital Markets GmbH, a wholly owned Subsidiary of the Issuer, on the basis of Asset-Liability-Management ("ALM") principles. The decision on portfolio allocations follow a multi-level process within the Group's Governance framework, involving different departments e.g., Group Risk Management and Group Finance, established panels and committees and the responsible business unit.

Principal investments of the Group generally comprise investments in fixed and variable rate income securities, equity securities, collective investment schemes, real estate property, infrastructure debt, derivatives, reinsurance, trade and other receivables, as well as bank deposits.

Excluding unit- and index-linked financial assets (EUR 4,680.4 mn), investment property (EUR 1,137.4 mn) and associates (EUR 642.4 mn), the Group's investments as of 31 December 2019 had a book value of EUR 18,844.9 mn (2018: EUR 17,634 mn). Broken down into classes and categories of financial instruments, 91.8% thereof consisted of fixed-income securities (book value EUR 17,307.5 mn), 2.9% were loans and other investments (book value EUR 539.8 mn), 4.9% variable-income securities (book value EUR 917.1 mn), 0.3% investments under investment contracts (book value EUR 58.5 mn) and 0.1% derivative instruments (book value EUR 21.9 mn).

9. RISK MANAGEMENT

The refinement of risk management and the implementation of value-driven Group management against the back- ground of Solvency II is a priority of UNIQA Group. The establishment of a Group wide chief risk officer ("CRO") function on the Issuer's management board demonstrates that risk management is a core controlling function and a crucial part of the business steering process. UNIQA Group has developed and is in the course of implementing further internal projects, such as the extension of its partial internal model to market risk, which are designed to establish an effective risk management system, related organizational measures and a new value-based Group wide risk culture to control risks and preserve an adequate level of capitalization. The key risk management tool is UNIQA Group's risk management policy which is reviewed on an annual basis. This policy applies to all UNIQA Group insurance companies. UNIQA Group generally manages the following risk categories on Group as well as on business unit level: underwriting risk, market risk and asset-liability risk, credit risk/counterparty default risk, liquidity risk, concentration risk, strategic risk, reputational risk, operational risk and contagion risk.

UNIQA Group's risk management is controlled centrally. Each UNIQA Group insurance company has a chief risk officer and a risk manager who is responsible for the risk management process and reports to UNIQA Group Risk Management. UNIQA Group's risk management structure is set up in a way that reflects the principles of the three lines of defence concept: (i) the persons in charge of the individual business operations have to implement an adequate control system to identify and monitor risks related to business operations (first line of defense), (ii) the risk management and oversight functions, such as controlling, have to monitor business activities, but without having decision-making authority (second line of defense), and (iii) an independent review of the organization and effectiveness of the overall internal control system, including risk management and compliance is provided (third line of defense).

A central component of the Group's risk management organisation is the risk management committee for UNIQA Group. This committee monitors and, if required, initiates appropriate action in relation to the current development as well as the short- and long-term management of the Group's risk profile. The risk management committee estab- lishes the Group's risk strategy, monitors and controls compliance with risk-bearing capacity and limits, and therefore plays a central role in the risk management process implemented.

The Group's risk management process provides periodic information on Group wide risk exposure to enable top management to reach or maintain long-term strategic targets. Its purpose is to keep an adequate solvency ratio, an appropriate measurement of risks and a value based management approach to ensure that UNIQA Group has sufficient risk bearing capacity for its business and is able to implement its strategy. UNIQA Group uses the "Own Risk and Solvency Assessment" principles of Solvency II as a tool to further set up and improve processes for an efficient risk management system and a forward-looking approach on managing risks it is exposed to.

UNIQA Group has set up a risk management strategy which defines UNIQA Group's willingness to accept risks and the targeted solvency ratio and determines UNIQA Group's risk appetite, which is the level of aggregate risk that UNIQA Group will undertake and manage over a defined period of time. For each risk category managed and mon- itored, individual risk limits are set by UNIQA Group risk management and by the business unit risk management.

- 76 -

10. SOLVENCY II AND OWN FUNDS

UNIQA Group reported a solvency ratio (SCR ratio) of 220.8% as at December 31, 20191 as a result of the reduced dividend proposal of 18 cents (instead of 54 cents) per share announced on April 14, 2020 and resolved on 25 May 2020. (Source: Unaudited internal information of the Issuer), respectively a SCR ratio of 204% as at March 31, 2020 (Source: Unaudited internal information of the Issuer).

The minimum solvency ratio defined internally at which immediate risk mitigating steps need to be taken is set at 135%, both for UNIQA Group as well as for UNIQA Österreich Versicherungen AG. The solvency ratio reported as at December 31, 2019 was well above UNIQA's target range of 155%-190% as defined by UNIQA's risk strategy.

Eligible own funds of UNIQA Group amounted to EUR 4,865 million as of December 31, 2019 (December 31, 2018: EUR 5,319 million), respectively EUR 4,258 as of March 31, 2020 (March 31, 2019: EUR 5,128 million; source: Unaudited internal information of the Issuer). The decrease in eligible own funds in 2019 compared to 2018 was mainly attributable to negative interest rates which – due to the longer maturity of liabilities – had a larger impact on technical provisions than on the value of investments.

The regulatory solvency capital requirement (SCR) amounted to EUR 2,203 million as of December 31, 2019 (De- cember 31, 2018: EUR 2,142 million), respectively EUR 2,089 as of March 31, 2020 (March 31, 2019: EUR 2,189; source: Unaudited internal information of the Issuer) The increase in regulatory solvency capital requirement in 2019 compared to 2018 was mainly driven by an increase in market risk resulting from a decrease in interest rates as well as an increase in life insurance underwriting risk driven by lapse risk in the Austrian life insurance portfolio which increased due to lower interest rates.

The figure below illustrates the Group's solvency capital requirement by risk module as of December 31, 2019:

SCR separately by risk module

Source: Unaudited internal information of the Issuer.

The UNIQA Group uses a partial internal model to calculate the regulatory solvency capital requirement at Group level in accordance with section 182 VAG 2016. With the approval of the partial internal model for market risk by the Austrian regulator in 2019, the internal economic capital requirement (ECR) and the regulatory solvency capital requirement (SCR) have been unified and no longer differ from each other.

Furthermore, UNIQA Group performs annual stress and sensitivity calculations to determine the impact of certain unfavourable events in the economic environment on the SCR, own funds, and on the SCR ratio. The below table illustrates changes to own funds, the SCR and the SCR ratio as of December 31, 2019 as a result of shocks defined for the individual sensitivity calculations, assuming changes in interest rates of +/-50 basis points (bps), a general decline in fair values of equities by -25%, a change of +/-10 % in exchange rates on all currencies and a widening of credit spreads by 50 bps (irrespective of the underlying rating), calculated separately for government bonds and corporate bonds:

1 Without such reduction, the Group's solvency ratio as at December 31, 2019 would have been 215.8%.

- 77 -

Results of the Sensitivity calculation 2019

Own funds SCR SCR ratio Change (in EUR (in EUR (in %) (in %) million) million)

Basic scenario 4.865 2.203 221 %

Key sensitivities:

Interest rate sensitivity

Parallel shift in interest rate of +50 bps (up to last liquid point) 5.155 2.073 249 % 28 %

Parallel shift in interest rate of -50 bps (up to last liquid point) 4.504 2.347 192 % -29 %

Decrease in ultimate forward rate (UFR) of 50 bps 4.618 2.263 204 % -17 %

Equity sensitivity

Fall in the fair value by 25 per cent 4.660 2.135 218 % -3 %

Foreign exchange sensitivity

Foreign currency shock of +10 per cent 4.972 2.203 226 % 5 %

Foreign currency shock of -10 per cent 4.735 2.203 215 % -6 %

Spread sensitivity

Widening in credit spread for corporate bonds of 50 bps 4.719 2.207 214 % -7 %

Widening in credit spread for government bonds of 50 bps 4.566 2.245 203 % -17 %

Source: Unaudited internal information of the Issuer

11. LITIGATION AND PROCEEDINGS

The Issuer and/or the Group are involved in a number of legal proceedings resulting from the ordinary course of their respective businesses. The management of the Issuer does not expect legal disputes, legal proceedings government or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware), to which the Issuer and/or the Group is a party to have a material adverse effect on the Issuer's and/or the Group's consolidated financial position or profitability.

In their capacity as insurance companies, the Issuer and/or the Group are involved as defendant in a number of court proceedings or has been threatened with legal actions. In addition, there are proceedings to which the Issuer and/or the Group is not a party, but the outcome of which can have an effect on them due to agreements with other insurance companies on participation in losses. In the opinion of the Issuer's management, adequate provisions for Austrian affiliated companies have been set aside for all claims, based on the amounts in dispute.

A customer brought an action against the Issuer's wholly owned Subsidiary, UNIQA Österreich Versicherungen AG, on 28 November 2016. The action is based on transport insurance taken out by a customer (amount in dispute: approx. EUR 75 million). UNIQA Österreich Versicherungen AG contested the action. On 18 September 2018 insolvency proceedings against the customer were instituted, which lead to a delay of the hearings in the civil proceeding. In the meantime, a judgments was rendered, with which the first instance court has accepted the customer's claim in principle, however has not yet ruled on the amount to be awarded. UNIQA Österreich Versicherungen AG continues to contest the first instance judgment and will file an appeal. Accordingly, civil proceedings are still ongoing at the

- 78 -

date of this Prospectus the outcome of which is uncertain (see "Risk Factors - The Group is exposed to Litigation Risk").

In 2014, insolvency proceedings over companies belonging to Infinus Group, a German financial services group with past business relations with the Group, were opened. FinanceLife Lebensversicherung AG, the unit linked insurance arm of the Group, which was merged into UNIQA Österreich Versicherungen AG, had in the past entered into unit linked insurance contracts with members of Infinus Group. In 2011, the Group decided to withdraw from the German insurance market. Concurrently, FinanceLife Lebensversicherung AG ceased all new business with In- finus Group. In connection with Infinus Group's insolvency, dissatisfied investors in notes issued by Infinus Group companies with whom FinanceLife Lebensversicherung AG has never had a contractual relationship (directly or indirectly) have from time to time, including in spring 2020 and in recent weeks, alleged tort claims against UNIQA Österreich Versicherungen AG out of court. These claims are based on the allegation that FinanceLife Lebensversi- cherung AG's business conduct contributed to the losses suffered by those investors. UNIQA Österreich Versicher- ungen AG has always rejected those claims as legally unfounded and will continue to do so. The amount mentioned in the most recent out of court letters of claim is a low double digit Euro million figure; however, other complaints might follow.

Subject to the above, there have been no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the issuer is aware), during a period covering 12 months preceding the date of this Prospectus which may have, or have had in the recent past, significant effects on the Issuer and/or UNIQA Group's financial position or profitability.

12. MATERIAL CONTRACTS

As of the date of this Prospectus, there are no material contracts that are not entered into in the ordinary course of business of UNIQA Group, which could result in any member of UNIQA Group being under an obligation or enti- tlement that is material to the ability of the Issuer to meet its obligations under the Notes.

13. RECENT EVENTS, TRENDS AND OUTLOOK

13.1. AXA Acquisition

In February 2020, the Issuer's wholly owned Subsidiary UNIQA Österreich Versicherungen AG signed a share purchase agreement with AXA Group for the acquisition of shares in AXA's life and non-life insurance companies, investment firms, pension funds and service companies in Poland, the Czech Republic and Slovakia for a purchase price of around EUR 1 billion. As a result of this bolt-on acquisition, the Group is expected to diversify sources of revenue by broadening its customer base in CEE and adding new product positions such as pensions, thereby strengthening its market position in CEE and reducing its dependency on the Austrian market. The Group further expects to increase its number of customers by five million, premiums written by EUR 800 million and the number of employees by around 2,100, making UNIQA Group the fifth largest insurance group in the CEE. Assuming the transaction had been completed by 31 December 2019, the Group's SCR as at 31 December 2019 would be estimated to have been at around 190 %. See section "Risk factors - The Group is exposed to risks resulting from anticipated business growth opportunities and corporate restructurings".

Completion of the transaction is subject to various conditions, including obtaining relevant regulatory and anti-trust approvals which is expected to occur in the second half of 2020. There can be no assurance that the required approvals will be granted within the timeline envisaged by the Group or at all and that the Group will realise any or all of the anticipated benefits relating to the AXA Acquisition or that the newly acquired businesses will perform as anticipated (see "Risk factors - The Group is exposed to risks resulting from anticipated business growth opportunities and corporate restructurings".)

Under the acquisition agreements, the parties have set a long stop date for completion of this acquisition by 9 No- vember 2020, which can be extended maximum twice by three month periods each, i.e. until 9 May 2021. Should any of the completion conditions not be fulfilled by the agreed longstop date (as extended, if applicable), UNIQA Österreich Versicherungen AG will need to pay a fee of up to 3% of the purchase price to Société Beaujon.

The below presents selective key metrics of the to be acquired AXA businesses in Poland, the Czech Republic and Slovakia as of December 31, 2019 in EUR million:

- 79 -

Property and casualty insurance Life insurance Pensions

GWP Net Income GWP* Net income Revenues Net income (in EUR (in EUR mil- CoR (in EUR mil- (in EUR mil- (in EUR (in EUR

million lion unau- (in %) lion unau- lion unau- million million unaudited) dited) dited) dited) unaudited) unaudited)

Poland 427 47 94.4% 122 -14 24 8

CZ/SK 100 7 92.5% 131 15 53 19

Total 528 53 94.0% 253 1 77 27

* includes insurance revenues.

Source: internal information of AXA; unaudited.

13.2. Intra-Group Restructuring

On 14 April 2020, the Issuer's management board and the Issuer's supervisory board have resolved to merge UNIQA International AG as transferring company with the UNIQA Österreich Versicherungen AG as acquiring company to simplify and streamline the Group structure in order to improve efficiency, strengthen customer focus within its organisation and realize synergies. The merger, which will take effect as at 31 December 2019 for accounting and tax purposes, is still subject to obtaining all regulatory approvals which are expected to occur in the second half of 2020. As a result of the proposed merger, UNIQA Österreich Versicherungen AG will become the main insurance carrier of the Group, conducting both the Austrian and international insurance business (directly and indirectly via its Subsidiaries) in all product lines. Again, there can be no assurance that the required approvals will be granted within the timeline envisaged by the Group or at all and that the Group will realise any or all of the anticipated benefits relating to the Intra-Group Restructuring (see "Risk factors - The Group is exposed to risks resulting from anticipated business growth opportunities and corporate restructurings".)

13.3. COVID-19 pandemic

As a result of the COVID-19 pandemic, in the first quarter of 2020, the Group reported negative earnings before taxes of EUR 13.9 mn, resulting mainly from

- a 11.7% decrease in investment income results caused by impairments on equities;

- reduced trading results of financial assets;

- Incurred But Not Reported Reserves (IBNR) of EUR 37.5 mn for expected COVID-19 claims.

Further effects unrelated to COVID-19 included

- a reduced at-equity value in the shareholding in STRABAG SE driven by seasonal effects; and

- one-time expenses related to the anticipated integration of the ongoing AXA Acquisition.

Compared to the financial year 2019 and assuming that the integration of the AXA Acquisition will not have a significant negative impact in 2020, the Issuer currently expects

- an overall reduction in gross premiums written (GWP) as a result of an expected decrease of property & casualty insurance as well as muted demand in life insurance while health insurance is expected to remain relatively stable, meaning that the absence of new business is expected to have a negligible effect on overall gross premiums written only;

- an increase in the combined ratio (COR); as well as

- a decrease in net investment result

- 80 -

for the financial year 2020 as a result of COVID-19. Furthermore, current estimates on the potential COVID-19 effects driven mainly by operational interruptions and stoppages could potentially lead to additional claims with a total exposure of up to EUR 150 million in Austria of which EUR 37.5 mn of IBNR have been provisioned in Q1/2020.

Due to the expected strain of COVID-19 on its business, the Issuer has revised the Group's earnings forecast for the business year 2020 downwards rather than 2020 results being at approximately 2019 levels.

Accordingly, only one third of the planned dividend for the financial year 2019 will be paid out and the Issuer announced that, currently, no dividend payment is planned for the financial year 2020 (see "Risk Factors - A downturn in global financial markets and economic conditions including from COVID-19 could adversely affect the value of the Group's investment portfolio and its financial results"). Finally, COVID-19 may have an adverse impact on the financial performance of the target companies of the AXA Acquisition (see "Risk Factors - The Group is exposed to risks resulting from anticipated business growth opportunities and corporate restructurings").

Otherwise, there have/has been:

- no recent events particular to the Issuer and which are to a material extent relevant to an evaluation of the Issuer's solvency;

- no significant change in the financial or trading position of the Issuer and the Group since 31 March 2020;

- no significant change in the financial performance of the Issuer since 31 March 2020; and

- no material adverse change in the prospects of the Issuer since 31 December 2019.

- 81 -

V. WARNING REGARDING TAXATION

Prospective purchasers of the Notes are advised to consult their own tax advisors as to the tax consequences of the purchase, ownership and disposition of the Notes, including the effect of any state or local taxes, under the tax laws of Austria, Germany and each country of which they are residents or which they may otherwise be liable for taxes. The respective relevant tax legislation may have an impact on the income received from the Notes.

1. TAXATION IN AUSTRIA

The following is a general overview of certain Austrian tax matters which may be of significance in connection with the Notes in the Republic of Austria. This summary does not purport to exhaustively describe all possible tax aspects and does not deal with specific situations which may be of relevance for certain potential investors. The following comments are rather of a general nature and included herein solely for information purposes. They are not intended to be, nor should they be construed to be, legal or tax advice. This overview is based on Austrian law as in force at the date of this Prospectus as well as on court rulings and regulations of the tax authorities and their respective interpretation, all of which may be amended from time to time. The laws and their interpretation by the tax authorities may change and such changes may also have retroactive effect. It cannot be ruled out that the Austrian tax authorities may adopt a view different from that outlined below. Tax risks resulting from the Notes shall in any case be borne by the Noteholders. For the purposes of the following it is assumed that the Notes are legally and factually offered to an indefinite number of persons. The Issuer assumes no responsibility with respect to taxes withheld at source.

1.1. General remarks

Individuals having a permanent domicile (Wohnsitz) and/or their habitual abode (gewöhnlicher Aufenthalt) in Aus- tria are subject to income tax (Einkommensteuer) in Austria on their worldwide income (unlimited income tax liability; unbeschränkte Einkommensteuerpflicht). Individuals having neither a permanent domicile nor their habitual abode in Austria are subject to income tax only on income from certain Austrian sources (limited income tax liability; beschränkte Einkommensteuerpflicht).

Corporations having their place of effective management (Ort der Geschäftsleitung) and/or their registered office (Sitz) in Austria are subject to corporate income tax (Körperschaftsteuer) in Austria on their worldwide income (unlimited corporate income tax liability; unbeschränkte Körperschaftsteuerpflicht). Corporations having neither their place of effective management nor their registered office in Austria are subject to corporate income tax only on income from certain Austrian sources (limited corporate income tax liability; beschränkte Körperschaftsteuer- pflicht).

Both in case of unlimited and limited (corporate) income tax liability, Austria's right to tax may be restricted by double taxation treaties.

1.2. Austrian resident individuals holding the Notes as non-business assets

Pursuant to sec. 27(1) of the Austrian Income Tax Act, investment income (Einkünfte aus Kapitalvermögen) comprises:

- income from the letting of capital (Einkünfte aus der Überlassung von Kapital) pursuant to sec. 27(2) of the Austrian Income Tax Act, including dividends and interest;

- income from realised increases in value (Einkünfte aus realisierten Wertsteigerungen) pursuant to sec. 27(3) of the Austrian Income Tax Act, including gains from the sale, alienation, redemption and other realisation of assets that lead to income from the letting of capital, including income from zero coupon bonds and also broken-period (accrued) interest; and

- income from derivatives (Einkünfte aus Derivaten) pursuant to sec. 27(4) of the Austrian Income Tax Act, including cash settlements, option premiums received and income from the sale, the settlement or other realisation of forward contracts like options, futures and swaps and other derivatives such as index certificates.

Interest income derived from the Notes, in general, is considered income from the letting of capital pursuant to sec. 27(2) of the Austrian Income Tax Act and therefore subject to a special (flat) income tax rate of 27.5%. If interest is paid out to Noteholders by an Austrian paying agent (auszahlende Stelle), the interest income derived from the Notes is subject to Austrian withholding tax (Kapitalertragsteuer) at a rate of 27.5% which is withheld by the Austrian

- 82 -

paying agent. An Austrian paying agent is an Austrian credit institution or an Austrian branch of a non-Austrian credit institution or investment firm which pays out or credits interest income to Noteholders, or the Issuer if it directly pays out interest income to Noteholders. Withholding tax on interest income generally has the effect of final taxation (Endbesteuerung) for individuals, irrespectively of whether the Notes are held as private assets or as business assets, i.e. no additional income tax is levied over and above the amount of tax withheld. If interest income is not subject to Austrian withholding tax because there is no Austrian paying agent, the taxpayer will have to include interest income derived from the Notes in his personal income tax return. In this case such interest income is, in general, taxed at a withholding tax rate of 27.5%.

Furthermore, any realized capital gains (Einkünfte aus realisierten Wertsteigerungen) from the Notes are, in general, subject to withholding tax at a rate of 27.5%. Realized capital gains means any income derived from the sale or redemption or other disposal of the Notes. The tax base is, in general, the difference between the sales proceeds or the redemption amount and the acquisition costs, in each case including accrued interest. Expenses which are connected with income subject to the special flat tax rate such as bank charges and custody fees are not deductible. For Notes held as private assets, the acquisition costs shall not include incidental acquisition costs. For the calculation of the acquisition costs of Notes held within the same securities account and having the same securities identification number, but which are acquired at different points in time, an average acquisition price applies.

Where an Austrian custodian agent (depotführende Stelle) or paying agent (auszahlende Stelle) is involved and pays out or settles realized capital gains from the Notes, such capital gains are also subject to 27.5% withholding tax. The withholding tax deduction will in general result in final income taxation for individuals holding the Notes as private assets pursuant to sec. 97(1) of the Austrian Income Tax Act, provided that the investor has evidenced the factual acquisition costs of the Notes to the custodian agent. If the realized capital gains are not subject to Austrian withholding tax because there is no Austrian custodian agent or paying agent

, the taxpayer will have to include any capital gains realized and derived from the Notes in his personal income tax return. In this case such gains are, in general, taxed at a withholding tax rate of 27.5%. Upon application of the Noteholder, all income subject to income tax at the flat rate of 27.5% may also be taxed at such Noteholder's lower progressive income tax rate (option to regular taxation pursuant to sec. 27a(5) of the Austrian Income Tax Act).

Withdrawals (Entnahmen) and other transfers of Notes from a Noteholder's securities account would generally be considered as a sale, unless specified exemptions will be fulfilled like the transfer of the Notes (i) to a securities account owned by the same taxpayer with the same securities depository (bank), (ii) to a securities account owned by the same taxpayer with an Austrian bank if the account holder has instructed the transferring bank to disclose the acquisition costs to the receiving bank or (iii) to a securities account owned by the same taxpayer with a non-Austrian bank, if the account holder has instructed the transferring Austrian bank to transmit the pertaining information to the competent tax office or has, in the case of transfers from a foreign account, himself notified the competent Austrian tax office thereof within a month; or (iv) without consideration (a) from a securities account with an Austrian bank to a securities account held by another taxpayer with an Austrian or non-Austrian bank, if the fact that the transfer has been made without consideration has been evidenced to the transferring bank or the transferring bank has been instructed to inform the Austrian tax office thereof or (b) from a securities account with a non-Austrian bank to a securities account held by another taxpayer with an Austrian or non-Austrian bank if the transferring taxpayer has himself notified the competent Austrian tax office thereof within a month. The tax basis amounts to the fair market value at the time of transfer minus acquisition costs.

Furthermore, circumstances leading to a loss of Austria's taxation right regarding the Notes vis-à-vis other countries, e.g. a relocation from Austria (Wegzug) are in general deemed to constitute a sale of Notes (cf. sec. 27(6)(1) of the Austrian Income Tax Act). In case of relocation of an individual to a Member State of the European Union or to certain Member States of the European Economic Area, a deferral of taxation may be available.

Income from Notes which are not publicly offered within the meaning of sec. 27a(2)(2) of the Austrian Income Tax Act would not be subject to withholding tax and final taxation but subject to progressive personal income tax rates.

Losses from Notes held by individuals as private assets may only be set off with other investment income subject to the withholding tax rates (excluding, inter alia, interest income from bank deposits and other non-securitized claims against banks) of such Noteholder but must not be set off with any other income. Austrian tax law provides for a mandatory set-off of losses by an Austrian custodian against investment income from securities accounts of a Note- holder held at the same custodian agent (subject to certain exemptions). However, a carry-forward of losses is not permitted.

1.3. Austrian resident individuals holding the Notes as business assets

Interest income and realized capital gains derived from Notes which are held as business assets by an Austrian resident individual are also subject to the special flat income tax rate of 27.5% which is deducted by the Austrian

- 83 -

paying agent or Austrian custodian by way of withholding tax (see above). However, realized capital gains, contrary to interest income, have to be included in the Noteholder's personal income tax return in any case. The withholding tax rate of 27.5% will only apply if generating income from the Notes is not a focus of the taxpayer's business activity. Depreciations to the lower fair market value and losses from the alienation, redemption and other realisation of any Notes held as business assets must primarily be set off against positive income from realized capital gains of financial instruments of the same business. Only 55% of any remaining loss may be set off against other income or may be carried forward.

1.4. Austrian resident corporations and private foundations

Corporations subject to unlimited corporate income tax liability in Austria are subject to corporate income tax on income within the meaning of sec. 27(1) of the Austrian Income Tax Act from the Notes at a corporate income tax rate of 25%. Interest income and capital gains realized from the Notes derived by Austrian tax resident corporate Noteholders is subject to 25% Austrian corporate income tax. Income from the Notes is generally subject to withholding tax at a flat rate of 27.5%, which may be reduced to 25% in case a corporation is the beneficial recipient of such income. Such withholding tax can be credited against the Noteholder's corporate income tax liability. However, under the conditions set forth in sec. 94(5) of the Austrian Income Tax Act no withholding tax is levied in the first place. Losses from the sale of the Notes can be set off against other income (and carried forward under general conditions).

There is, inter alia, a special tax regime for private foundations established under Austrian law (Privatstiftungen) (interim tax, no withholding tax).

1.5. Non-Austrian resident individuals

For non-Austrian resident individuals interest income derived from the Notes is generally subject to a 27.5% Austrian withholding tax (Kapitalertragsteuer) if such interest income is paid out through a paying agent or custodian located in Austria. Taxable interest income from the Notes includes accrued interest realized in case of a sale or repayment of the Notes. Interest income which is not subject to Austrian withholding tax (because it is not disbursed through an Austrian paying agent or custodian) is, however, not taxable in Austria.

A withholding tax exemption applies in relation to interest income received by individuals resident in a jurisdiction with which the Republic of Austria has agreed on an automatic exchange of financial account information in tax matters, if the respective Noteholder provides a certificate of residence to the Austrian paying agent. Such certificate of residence must be provided on form “IS-QUl” (which should be available from the website of the Austrian Min- istry of Finance).

Also, applicable double tax treaties may provide for a reduction of, or relief from, Austrian withholding tax. How- ever, Austrian banks are not entitled to apply such double tax reduction or relief at source. Accordingly, non-Austrian resident Noteholders wishing to obtain such withholding tax relief will have to file for a refund with the competent Austrian tax office which will require a certificate of residence issued by the competent authority of the Noteholder's state of residence.

1.6. Non-Austrian resident corporations

For non-Austrian resident corporate Noteholders interest income and capital gains derived from the Notes are not taxable in Austria.

Thus, non-Austrian resident corporate Noteholders receiving income or capital gains from the Notes through a custodian or paying agent located in Austria may avoid deduction of Austrian withholding tax if they evidence their non-Austrian resident tax status vis-à-vis the paying agent by disclosing, inter alia, their identity and address in accordance with the Austrian income tax guidelines. Evidence that the Noteholder is not subject to Austrian withholding tax is the responsibility of the relevant Noteholder.

Where non-Austrian resident corporate Noteholders receive income from the Notes as part of business income taxable in Austria (e.g. because the Notes are attributable to business performed by a corporate Noteholder via an Austrian permanent establishment), they will, in general, be subject to the same tax treatment as Austrian resident corporate Noteholders.

1.7. Other taxes

There should be no transfer tax, registration tax or similar tax payable in Austria by Noteholders as a consequence of the acquisition, ownership, disposition or redemption of the Notes. Austria does no longer levy inheritance or gift

- 84 -

tax. However, gratuitous transfers from and/or to Austrian tax residents have to be notified to the tax authorities within a notice period of three months. There are certain exemptions from such notification obligation, e.g. for gifts among relatives that do not exceed an aggregate amount of EUR 50,000 per annum or gifts among unrelated persons that do not exceed an aggregate amount of EUR 15,000 within five years. Intentional violations of such notification obligation may trigger fines of up to 10 per cent of the fair market value of the assets transferred.

Certain gratuitous transfers of assets to private law foundations and comparable legal estates (privatrechtliche Stiftungen und damit vergleichbare Vermögensmassen) are subject to foundation transfer tax (Stiftungseingangss- teuer) pursuant to the Austrian Foundation Transfer Tax Act (Stiftungseingangssteuergesetz) if the transferor and/or the transferee at the time of transfer have a domicile, habitual abode, legal seat or place of management in Austria. Certain exemptions apply in cases of transfers of financial assets mortis causae within the meaning of sec. 27(3) and (4) of the Austrian Income Tax Act (except for participations in corporations) if income from such financial assets is subject to income tax at a flat rate pursuant to sec. 27a(1) of the Austrian Income Tax Act.

- 85 -

VI. SUBSCRIPTION AND SALE OF THE NOTES

1. GENERAL

Pursuant to a subscription agreement dated 6 July 2020 (the "Subscription Agreement") among the Issuer and the Joint Lead Managers, the Issuer has agreed to sell to the Joint Lead Managers, and the Joint Lead Managers have agreed, subject to certain customary closing conditions, to purchase, the Notes on 9 July 2020. The Issuer has furthermore agreed to pay certain fees to the Joint Lead Managers and to reimburse the Joint Lead Managers for certain expenses incurred in connection with the issue of the Notes.

The Subscription Agreement provides that the Joint Lead Managers will under certain circumstances be entitled to terminate the Subscription Agreement. In such event, no Notes will be delivered to investors. Furthermore, the Issuer has agreed to indemnify the Joint Lead Managers against certain liabilities in connection with the offer and sale of the Notes.

Certain of the Joint Lead Managers and their respective affiliates may be customers of, borrowers from or creditors of the Issuer and its respective affiliates. In addition, certain Joint Lead Managers and their respective affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform services for, the Issuer and its respective affiliates in the ordinary course of business. In particular, in the ordinary course of their business activities, the Joint Lead Managers and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of the Issuer or its respective affiliates. Certain of the Joint Lead Managers or their respective affiliates that have a lending relationship with the Issuer or its respective affiliates routinely hedge their credit exposure to the Issuer or its respective affiliates consistent with their customary risk management policies. Typically, such Joint Lead Managers and their respective affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in securities, including potentially the Notes issued. Any such positions could adversely affect future trading prices of the Notes. The Joint Lead Managers and their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

There are no interests of natural and legal persons involved in the issue, including conflicting ones, that are material to the issue.

2. SELLING RESTRICTIONS

2.1. General

Each Joint Lead Manager has acknowledged that other than explicitly mentioned in this Prospectus no action is taken or will be taken by the Issuer in any jurisdiction that would permit a public offering of the Notes, or possession or distribution of any offering material relating to them, in any jurisdiction where action for that purpose is required.

Each Joint Lead Manager has represented and agreed that it will comply with all applicable laws and regulations in each jurisdiction in which it purchases, offers, sells or delivers Notes or has in its possession or distributes any offering material relating to them.

2.2. European Economic Area

Each Joint Lead Manager has represented, warranted and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor in the European Eco- nomic Area. For the purposes of this provision the expression retail investor means a person who is one (or more) of the following:

(i) a retail client as defined in point (11) of Article 4(1) of MiFID II (as amended); or

(ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

- 86 -

2.3. United States of America and its territories

The Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or for the account or benefit of U.S. persons except in transactions exempt from the registration requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S.

The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by the U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and regulations thereunder.

Each Joint Lead Manager has represented and agreed that except as permitted by the Subscription Agreement, it has not offered, sold or delivered and will not offer, sell or deliver any Notes (i) as part of their distribution and any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the Issue Date, within the United States or to, or for the account or benefit of, U.S. persons, and will have sent to each dealer to which it sells the Notes during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Notes within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have the meanings given to them by Regulation S.

In addition, until 40 days after the commencement of the offering of the Notes, an offer or sale of the Notes within the United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the Securities Act.

2.4. United Kingdom

Each Joint Lead Manager has represented, warranted and agreed that:

(i) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer, and

(ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

2.5. Singapore

Section 309B notice

Notification under Section 309B of the Securities and Futures Act, Chapter 289 of Singapore: The Notes are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Singapore selling restrictions

This Prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Notes may not be circulated or distributed, nor may Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

(i) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

- 87 -

(ii) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Notes pursuant to an offer made under Section 275 of the SFA except:

(a) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA; or

(b) where no consideration is or will be given for the transfer; or

(d) as specified in Section 276(7) of the SFA; or

(e) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities- based Derivatives Contracts) Regulations 2018.

Any reference to the SFA is a reference to the Securities and Futures Act, Chapter 289 of Singapore and a reference to any term as defined in the SFA or any provision in the SFA is a reference to that term or provision as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

2.6. Hong Kong

Each Joint Lead Manager has represented and agreed that (i) it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Notes other than (a) to "professional investors" as defined in the Secu- rities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO") and any rules made under the SFO; or (b) in other circumstances which do not result in this document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions Ordinance (Cap. 32) of Hong Kong (the "C(WUMP)O") and which do not constitute an offer to the public within the meaning of the C(WUMP)O or an invitation to induce an offer by the public to subscribe for or purchase any shares or debentures; and (ii) it has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Notes, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the C(WUMP)O and the SFO) other than with respect to Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made under the SFO or in other circumstances which do not constitute an offer or invitation to the public within the meaning of C(WUMP)O. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

2.7. Italy

No application has been or will be made by any person to obtain an authorization from Commissione Nazionale per le Società e la Borsa ("CONSOB") for the public offering ("offerta al pubblico") of the Notes in the Republic of Italy. Accordingly, no Notes may be offered, sold or delivered, nor may copies of this Prospectus or of any other document relating to the Notes be distributed in the Republic of Italy, except:

(i) to qualified investors ("investitori qualificati"), pursuant to Article 100 of Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services Act") and as defined in Article 34-ter, first paragraph, letter (b) of CONSOB Regulation No. 11971 of 14 May 1999, as amended from time to time ("Regulation No. 11971"); or

(ii) in any other circumstances which are exempted from the rules on public offerings pursuant to Article 100 of the Financial Services Act and the relevant implementing regulations including Regulation No. 11971.

Any offer, sale or delivery of the Notes or distribution of copies of this Prospectus or any other document relating to the Notes in the Republic of Italy under (i) or (ii) above must be:

(a) made only by an investment firms ("imprese di investimento"), banks or financial intermediary permitted to conduct such activities in Italy in accordance with the Italian Legislative Decree no. 385 of 1 September 1993

- 88 -

(the "Banking Act") as amended, the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended from time to time, and any other applicable law and regulations;

(b) in compliance with Article 129 of the Banking Act, as amended from time to time, and the implementing guidelines of the Bank of Italy, as amended from time to time, in relation to certain reporting obligations to the Bank of Italy on the issue or the offer of securities in Italy; and

(c) in compliance with all applicable laws and regulations or requirement imposed by CONSOB, the Bank of Italy, or any other Italian authority.

2.8. Japan

The Notes have not been, and will not be, registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended, the "FIEA"). Each of the Joint Lead Managers has represented and agreed that it has not offered or sold and will not offer or sell any Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organised under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan.

2.9. Switzerland

This Prospectus is not intended to constitute an offer or solicitation to purchase or invest in any Notes. Notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ("FinSA") and may only be offered in Switzerland pursuant to an exception from the prospectus requirements under the FinSA. No application has been or will be made to admit the Notes to trading on any trading venue (SIX Swiss Exchange Ltd. or on any other exchange or any multilateral trading facility) in Switzerland.

Neither this Prospectus, nor any other offering or marketing material relating to the Notes constitutes a prospectus pursuant to the FinSA or pursuant to the Swiss Code of Obligations (as in effect immediately prior to the entry into force of the FinSA) or pursuant to the listing rules of the SIX Swiss Exchange Ltd. or any other trading venue in Switzerland.

Neither this Prospectus, nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise made publicly available in Switzerland. No “Key Information Document” according to the FinSA or any other equivalent document under the FinSA has been prepared in relation to the Notes.

- 89 -

VII. GENERAL INFORMATION

1. AUTHORISATIONS

The creation and issue of the Notes has been authorised by a resolution of the Issuer's management board dated 29 June 2020 and by a resolution of the Issuer's supervisory board dated 29 June 2020.

The Issue Date of the Notes is expected to be 9 July 2020.

2. EXPENSES OF THE ISSUE

The total expenses related to the admission to trading of the Notes are expected to amount to approximately EUR 5,200.

3. CLEARING SYSTEMS

Payments and transfers of the Notes will be settled through Euroclear Bank SA/NV, 1 Boulevard du Roi Albert II, B-1210 Brussels, Belgium and Clearstream Banking S.A., 42 Avenue JF Kennedy, L-1855 Luxembourg.

The Notes have the following securities codes:

ISIN: XS2199567970

Common Code: 219956797

4. LISTING AND ADMISSION TO TRADING

Application has been made to the Vienna Stock Exchange (Wiener Börse) for the Notes to be admitted to trading on the Vienna Stock Exchange's regulated market (which is a regulated market for the purposes of MiFID II) and to be listed on the Official Market (Amtlicher Handel) of the Vienna Stock Exchange on or around the Issue Date.

5. NOTICES TO NOTEHOLDERS

For so long as the Notes are listed on the Vienna Stock Exchange, all notices to the Noteholders regarding the Notes shall be published on the website of the Vienna Stock Exchange (https://www.wienerborse.at). The Issuer will be entitled to deliver all notices concerning the Notes to the Clearing System for communication by the Clearing System to the Noteholders.

6. DOCUMENTS ON DISPLAY

For so long as any Note is outstanding, electronic versions of the following documents are available on the Issuer's website:

(iii) the articles of association of the Issuer (accessed by using the hyperlink https://www.uniqagroup.com/gruppe/versicherung/investor-relations/publikationen/satzung/Satzung.de.html); and

(iv) the documents incorporated by reference into this Prospectus (accessed by using the hyperlinks set out in the section "Documents Incorporated by Reference" below).

This Prospectus and any supplement to this Prospectus will be published on the website of the Issuer (https://www.uniqagroup.com/gruppe/versicherung/investor-relations/Anleihen.en.html).

7. THIRD PARTY INFORMATION

With respect to any information included herein and specified to be sourced from a third party (i) the Issuer confirms that any such information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from information available to it from such third party, no facts have been omitted the omission of which would

- 90 -

render the reproduced information inaccurate or misleading and (ii) neither the Issuer nor any Joint Lead Manager has independently verified any such information and neither the Issuer nor any Joint Lead Manager accepts any responsibility for the accuracy thereof.

8. YIELD

For Noteholders, the yield to maturity of the Notes is 3.356 per cent. per annum, calculated on the basis of (i) the issue price and (ii) the assumption that the Notes will be called on the First Call Date. Such yield is calculated in accordance with the ICMA (International Capital Markets Association) method. The ICMA method determines the effective interest rate on the Notes by taking into account accrued interest on a daily basis. Notwithstanding the above mentioned assumption, there is no assurance as to whether or not the Notes will actually be called on the First Call Date. Therefore, the yield realized by Noteholders may also be lower.

9. RATINGS

The Notes are expected to be rated "BBB" by S&P.2 The Issuer has received a "A-3" rating, outlook "stable", by S&P.

S&P is established in the European Community and are registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation")4.

Investors in the Notes should be aware that a credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.

10. LEGAL ENTITY IDENTIFIER (THE "LEI"):

The LEI of the Issuer is 529900OOW8ELHOXWZP82.

11. NOTES WITH A SPECIFIC GREEN USE OF PROCEEDS

The Issuer provides more detail with regard to any notes with a specific green use of proceeds issued by it in the UNIQA Green Bond Framework, which is disclosed on the Issuer's website and may be updated from time to time. The Issuer mandated a recognised second party opinion provider, which is Sustainalytics UK Limited ("Sustainalyt- ics"), a provider of environmental, social and governance (ESG) research and analysis. Sustainalytics evaluated the robustness and credibility of the Issuer's Green Bond Framework and intended use of proceeds in terms of its alignment with relevant industry standards, including the Green Bond Principles 2018 issued by the International Capital Markets Association (ICMA) (as amended from time to time). On such basis, the second party opinion provider reviewed the Issuer's Green Bond Framework and provided its opinion thereon, which is also disclosed on the Is- suer`s website.

This second party opinion or any second party opinion or rating (whether or not solicited by the Issuer or a Joint Lead Manager) issued in connection with an Eligible Green Asset might not fulfil any environmental, social, sustainability and/or other criteria required by a particular Noteholder. For the avoidance of doubt, any such second party opinion or rating is not, nor shall be deemed to be, incorporated in and/or form part of this Prospectus. Also, any such second party opinion or rating is not, nor should be deemed to be, a recommendation by the Issuer or a

2 S&P defines "BBB" as follows: An Obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation. Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. 3 S&P defines "A" as follows: "An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong." Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. A stable outlook means that a rating is not likely to change. 4 The European Securities and Markets Authority publishes on its website (https://www.esma.europa.eu/supervision/credit- rating-agencies/risk) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update.

- 91 -

Joint Lead Manager, or any other person to buy, sell or hold any Notes. Any such second party opinion or rating is only current as of the date that opinion was initially issued. Furthermore, a provider of such second party opinion or rating is currently not subject to any specific regulatory regime or other oversight. Prospective purchasers of any Notes must therefore determine for themselves the relevance of any such second party opinion or rating and/or the information contained therein and/or the provider of such second party opinion or rating for the purpose of any purchase of any Notes.

- 92 -

VIII. DOCUMENTS INCORPORATED BY REFERENCE

The pages specified below of the following documents which have previously been published or are published sim- ultaneously with this Prospectus and which have been filed with the FMA are incorporated by reference into this Prospectus: (i) the audited consolidated financial statements of the Issuer for the fiscal year ended 31 December 2019, prepared in accordance with IFRS (the "IFRS Audited Consolidated Financial Statements of the Issuer 2019") and the respective audit opinion, (ii) the audited consolidated financial statements of the Issuer for the fiscal year ended 31 December 2018, prepared in accordance with IFRS (the "IFRS Audited Consolidated Financial Statements of the Issuer 2018") and the respective audit opinion, each containing the English language translation of the respective German language financial statements and the English language translation of the independent auditor's opinions thereon and (iii) the unaudited consolidated interim financial information of the Issuer as of and for the period ending 31 March 2020 as presented in the Issuer's results presentation for the first quarter of 2020 (the "IFRS Unaudited Consolidated Q 1 2020 Financial Information of the Issuer") and together with the IFRS Au- dited Consolidated Financial Statements of the Issuer 2019 and the IFRS Audited Consolidated Financial Statements of the Issuer 2018, the "Issuer IFRS Financial Information". With regard to the IFRS Audited Consolidated Fi- nancial Statements of the Issuer 2019 and the IFRS Audited Consolidated Financial Statements of the Issuer 2018, the independent auditor's opinion thereon, is also incorporated by reference into this Prospectus.

1. TRANSLATIONS EXTRACTED FROM: IFRS AUDITED CONSOLIDATED FINANCIAL STATE- MENTS OF THE ISSUER 2019 AND THE RESPECTIVE INDEPENDENT AUDITOR'S OPINION

Consolidated statement of financial position as at 31 December 2019 page 46

Consolidated income statement 2019 page 47

Consolidated statement of comprehensive income 2019 page 48

Consolidated statement of cash flows 2019 page 49

Consolidated statement of changes in equity 2019 pages 50-51

Segment reporting page 53-63

Notes to the consolidated financial statements pages 64-118

Audit opinion pages 135-139

2. TRANSLATIONS EXTRACTED FROM: IFRS AUDITED CONSOLIDATED FINANCIAL STATE- MENTS OF THE ISSUER 2018 AND THE RESPECTIVE INDEPENDENT AUDITOR'S OPINION

Consolidated statement of financial position as at 31 December 2018 page 44

Consolidated income statement 2018 page 45

Consolidated statement of comprehensive income 2018 page 46

Consolidated statement of cash flows 2018 page 47

Consolidated statement of changes in equity 2018 pages 48-49

Segment reporting pages 51-61

Notes to the consolidated financial statements pages 62-119

Audit opinion pages 139-143

- 93 -

3. IFRS UNAUDITED CONSOLIDATED Q 1 2020 FINANCIAL INFORMATION OF THE ISSUER

pages 1-38 All of these pages shall be deemed to be incorporated by reference into, and to form part of, this Prospectus.

The non-incorporated parts of such documents, i.e. the pages not listed in the table above, are either not relevant for the investor or covered elsewhere in the Prospectus.

All financial information which is presented in this Prospectus was extracted and derived from the extracted financial information set out below and incorporated herein by reference, unless explicitly indicated otherwise in this Pro- spectus. This Prospectus does not contain any other financial information than the IFRS Audited Consolidated Fi- nancial Statements of the Issuer 2019 and the IFRS Audited Consolidated Financial Statements of the Issuer 2018 that has been audited by an auditor.

Copies of documents incorporated by reference in this Prospectus may be obtained (without charge) from the registered office of the Issuer.

Electronic versions of the documents incorporated by reference are also available on the website of the Issuer (https://www.uniqagroup.com/gruppe/versicherung/investor-relations/publikationen/berichte/2019.de.html and https://www.uniqagroup.com/gruppe/versicherung/investor-relations/publikationen/berichte/2018.de.html) and can be accessed by using the following hyperlinks:

(i) Translations of the IFRS Audited Consolidated Financial Statements of the Issuer 2019 and the respective independent auditor's opinion:

https://www.uniqagroup.com/gruppe/versicherung/media/files/UNIQA_Jahresfinanzbericht_2019_2020- 04-15_EN.pdf

(ii) Translations of the IFRS Audited Consolidated Financial Statements of the Issuer 2018 and the respective independent auditor's opinion:

https://www.uniqagroup.com/gruppe/versicherung/media/files/UNIQA_Annual_Financial_Re- port_18_EN_2.pdf

(iii) IFRS Unaudited Consolidated Q 1 2020 Financial Information of the Issuer:

https://www.uniqagroup.com/gruppe/versicherung/media/files/UNIQA_1Q20_IR_ppt_FINAL_2.pdf

- 94 -

Issuer

UNIQA Insurance Group AG Untere Donaustraße 21 1029 Vienna Republic of Austria

Principal Paying Agent HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom

Joint Lead Managers

HSBC Bank plc J.P. Morgan Securities plc Raiffeisen Bank International AG 8 Canada Square 25 Bank street Am Stadtpark 9 London E14 5HQ Canary Wharf 1030 Vienna United Kingdom London E14 5JP Republic of Austria United Kingdom

Auditors to the Issuer

PwC Wirtschaftsprüfung GmbH Donau-City-Straße 7, 1220 1220 Vienna Austria

Legal Advisers

To the Issuer (as to Austrian law)

Schönherr Rechtsanwälte GmbH Schottenring 19 1010 Vienna Republic of Austria

To the Joint Lead Managers (as to German law) (as to Austrian law)

Freshfields Bruckhaus Deringer LLP Freshfields Bruckhaus Deringer LLP Bockenheimer Anlage 44 Seilergasse 16 60322 Frankfurt am Main 1010 Vienna Federal Republic of Germany Republic of Austria

- 95 - KcwllyrBzXXvIo9RWQ5boF5oDrNDyA86MmPqY4e38fO3pxnFn17STGDGhMyr03eGD2fCwvzk4ojiDuiZjg5x 8S6Wq+HrFqwL3W2D7kro0bWdruUVW9QFS/jExBc1wpncNhsCobGnrViSam3CdQwMSq/+u683bTwZLPJRMwwZ Signaturwert BptBcZu3SzoQN5sjOSbtybomu+oL7eKebbASlZWrsPk7hLMJUya9+s9fdW0dBrLy6On3qaCBLrAuER8+erNo ivha56+ijdyqoJT+l3SRHUAB5lcoiXI49DKkOKx9DURX9OFHwZ95colAlGCrFFwfMYVQxW/huW/IiMI89g92 03wNdQ== Österreichische Finanzmarktaufsichtsbehörde Unterzeichner 2020-07-06T10:19:48Z Datum/Zeit-UTC CN=a-sign-corporate-light-02,OU=a-sign-corporate-light-02,O=A- Aussteller-Zertifikat Trust Ges. f. Sicherheitssysteme im elektr. Datenverkehr GmbH,C=AT

532114608 Serien-Nr. Methode urn:pdfsigfilter:bka.gv.at:binaer:v1.1.0 Informationen zur Prüfung des elektronischen Siegels bzw. der elektronischen Prüfinformation Signatur finden Sie unter: http://www.signaturpruefung.gv.at Dieses Dokument wurde amtssigniert. Auch ein Ausdruck dieses Dokuments hat gemäß § Hinweis 20 E-Government-Gesetz die Beweiskraft einer öffentlichen Urkunde.